I purchased a business in 2020, can i claim it as a depreciable asset?

[hotcrossbuns123]

I purchased an asset sale in California

[ColeenD3]

In what form is the business? Did you purchase intangibles such as Goodwill, Going concern value, or Customer lists.

If you have a Sole Proprietorship you will need to update to the Self-Employed Edition.

• Start or Update Depreciation of Assets, and answer Yes to the next screen. 
• Then select Add An Asset. Enter the trademark name and the date you acquired it on the Tell Us About This Asset Screen. 
• On the Describe This Asset screen, select Other. 
• On the Tell Us a Little More screen, select Amortizable Intangibles. 
• On the next screen, enter the amount you paid for the trademark. Do not check the box for This asset was new... 
• What kind of intangible is Section 197 intangibles. TurboTax does the rest.

If you purchased assets such as machinery that you use in your business, then yes, use depreciation.

[hotcrossbuns123]

It was a closed down business, but it had equipment. Can i claim as one whole asset, or should i list every individual equipment?

Thank you so much!

[ColeenD3 · Accepted solution]

It is better to enter each asset separately, in case you need to replace it, it is easy to swap an asset out.