Where do I enter my business assets???

[DoctorWho]

Last year I started my first business. I'm at the point of, or so I thought, entering the assets I've purchase for the business that are more than $200, but less than $2500. In TurboTax 2017, I'm at the "Business" tab, in the "Business Income and Expenses" section. I've gone through the "Business Expenses" subsection (Startup Costs, Business Vehicle Expense, Other Common Business Expenses and Home Office Expense). I've added everything there that makes sense. (Didn't get a vehicle for the business and not really sure what I should do about, as I don't have a dedicated area. (I don't know if this will matter or not, but I used my desktop PC for my business, but other family members also used it. Don't know if I can take a percentage of the time it was used or not.)

Next I went to Business Assets and went through that. It was here that I expected it to ask me to list items like the laptop I bought for the business and so on. Well, TurboTax didn't. It just flashed me back to the "Business Income and Expenses".

So where do I enter things like the laptop and other things that I bought for my business, in TurboTax 2017?

[DianeW · Accepted solution]

The reason it "flashed you back" to the Business Income and Expense, is because you indicated you wanted to expense all of your assets that were less than $2,500 in cost.

If you still want to do that you should list them under "Miscellaneous Expenses" in the "Less Common Expenses" section. I suggest you list each one and the cost to easily track this information in the future. They are always relevant until sold or disposed of for tax purposes.

For the laptop: use the business use percentage based on business time of use divided by the total time of use including the personal use time.

For vehicle expenses: You can use the business miles by taking the standard mileage rate as long as you have a record of your business trips including date, business purpose and miles.  A calendar can be used for this that is easily kept in the vehicle to record your business miles. Again, this information is relevant for as long as you own the vehicle so keep your records easily accessible until it is sold, traded or disposed of.

[DoctorWho]

Thank you, TurboTaxDianeW, this looks very helpful. I just got back into TurboTax to find the "Less Common Expenses", but I don't see it in the "Business Income and Expenses" section. Where do I look to find it?

[DianeW]

@DoctorWho You use Miscellaneous Expenses and then list each asset there and the amount of the expense.  You don't list it in the asset section if you choose to expense the full amount under this "safe harbor" option. You won't see any other special category.

[DoctorWho]

Thank you, @TurboTaxDianeW

[rjr1mn]

There is no "Miscellaneous Expenses" or "Less Common Expenses" under the "Business Expenses" section.  What is the menu path to "Less Common Expenses?" I need to deduct a computer I purchased for my business.