I have a food trailer I bought it brand new for my business. We bought an empty trailer and built it out. How would I claim it on our taxes?

If you are adding the trailer as an asset to an existing business that you are reporting on Schedule C, you may be able to take a 179 expense deduction or depreciate it. Internal Revenue Code Section 179 lets businesses "expense", or write off, the entire cost of certain depreciable assets in the year they are purchased. Otherwise, you recover the cost of the asset on your tax return through depreciation over the life of the asset. See Managing Assets for more information. 

To get to the entry screens for business assets, please take the following steps: 

1. Login to TurboTax Online (https://turbotax.intuit.com/) 
2. In the Search box type schedule c. 
3. Click the “Jump to schedule c” link.
4. Continue the Schedule C section of your return until you get to the Assets/Depreciation section. 
5. Follow the onscreen instructions to enter your asset information.

If you are starting a new business, see Reporting Self-Employment Business Income and Deductions for help with entering your information.

If you need to upgrade to Self-Employed, follow these steps:

1. Select the profile icon.
2. Select Settings and then Subscription.
3. Swipe until you see the QuickBooks Self-Employed + TurboTax Bundle. ...
4. When you're ready, select Subscribe now.
5. Follow the steps to upgrade.