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April 14, 2023
Question

Where to report the equipment expenses that I spent more than $2500 on?

  • April 14, 2023
  • 1 reply
  • 0 views

Hi All, 

Most of the equipment that I purchased for my start up are below $2500. I have one equipment that I spent about $4000. 

In Turbotax Desktop, where should I report that? What I see is that it is asking about items that cost me below $2500! 

1 reply

April 15, 2023

Yes, you are in the correct place. Here are the steps to enter purchases over $2500.

 

  1. Open TurboTax.
  2. Business > Business Income and Expenses > Update.
  3. Select the business > Edit.
  4. Scroll Business Assets > Update.

 

 

5. Answer "Yes" to the screen below.

 

 

   6.  Answer "Yes" to the next screen and Continue.

 

 

 

 

     7.  On the screen below, answer "Yes" to both questions and Continue.

 

    8.  Continue with the interview.

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