In 2017 I started a home based woodworking business and purchased a number of power tools. Can I just describe the lot as "Startup Costs" with a total, or list each one?

[MichaelL1 · Accepted solution]

Start-up costs are different than tools.  So don't use Start-up costs as there are separate rules and guidelines for deducting this. 

Start-up has more to do with getting business up and running, organizational costs, permits, licenses, incorporated, etc.

The tools can be set up as a lump sum and you can depreciate these over their useful life, or you can make an election to expense them.  A number of tools purchased can be lumped together.  If you have some major costs ones (perhaps over $5K) then I would list them separately. Small ones put together. 

See below for more information on Start-Up Costs:

https://ttlc.intuit.com/replies/6067831