Can a business asset purchased as used be deducted or depreciated?

[gregorfilm]

Hello all. I'm currently entering in equipment I bought last year that were all over 200 dollars, so I'm entering them in the asset depreciation part of the form. My question has to do with a piece of equipment I bought used off of eBay. When i get to the screen that asks me about the asset I'm only given three options: 1. I traded in an old asset to acquire this one., 2. I purchased this asset new, and 3. The item was sold, retired, etc.

There's no option for me having purchased the asset "used". Can I not deduct this piece of equipment?

Thanks for your help.

[DS30 · Accepted solution]

You would select that you purchased the asset new because it is a "new" asset to you even if it was bought used on Ebay.

[Cattlerancher]

This should be better defined in TurboTax; (Edited 4-10-17) New Asset means "The original use of the property must begin with you". (brand new)

[info30]

Just to confirm, If I bought a Used boat for my fishing business, I select "I Purchased this asset new" - Is this correct? There are many different answers from Turbo tax on this...

[DS30]

Yes - because the boat is a "new" asset to you (even though it was used by the seller). Purchased new just means that it was a new purchase (as opposed to a trade-in) not that the asset was actually brand new.

[info30]

Why is it that if you select new it adds more money, is that because of the bonus depreciation