I have a small drone photography business and purchased new equipment in 2024. Cost of the equipment was $4,000. I believe that would be considered an asset and I cannot deduct the cost. How would I enter this or calculate depreciation of an asset like this?
Yes, this would be considered an asset, however, you can still choose to deduct the full cost on your 2024 return using the Section 179 Expense Deduction or you can depreciate it over time.
When you go through the business section of TurboTax, you will go to the asset section and enter the drone as an asset. You will then be asked if it cost more than $2,500, answer yes here. Continue through and TurboTax will give you the option to fully expense the drone on your return now or to depreciate it.
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