Question

As an asset depreciation for a tattoo equipment I was given a 357 now just what exactly does that mean 357

Forum|Forum|3 years ago
February 12, 2023
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What is the value of 357

TurboTax Live Self Employed

Any business property that has a useful life of more than one year must be depreciated, or expensed over the course of several years. The IRS assigns an asset class which is the number of years used. TurboTax uses MACRS which is a formula for determining the yearly amount of your "write off" (which will reduce your taxable business income). That is 357 for your tattoo equipment.

See Depreciation of Business Assets - TurboTax Tax Tips & Videos/.