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Level 1

What is a "Depreciation for Schedule C" and why do I have to complete it?/Where do i find it?

 
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Level 1

What is a "Depreciation for Schedule C" and why do I have to complete it?/Where do i find it?

Anything you buy for your business use can be deducted as an expense on your Schedule C. Some assets (things of value) you buy may be deducted immediately (these are current assets, "supplies"), while other assets have a long-term life and these assets can be deducted over the years of their life.

For example, if you buy a car for your business, you can deduct the cost of the car over a specific number of years. This is depreciation, and it's a benefit to you for tax purposes to be able to take these deductions. 

If you have any other details regarding this question, please feel free to post them in the comment section. 

You enter your assets purchased in 2017 in a special section and not as an actual expense.

1.       Open (continue) your return, if you don't already have it open.

2.       Inside TurboTax, search for schedule c and click or tap the "Jump to" link in the search results.

3.       If asked, answer Yes to Did you have any self-employment income or expenses? or Did you have any income and expenses for a business in 2017? and follow the onscreen instructions.

4.       Click Add expenses (See the attached screenshot below. Click to enlarge to see where to enter your asset.)

5.       Select Assets (radio button) on the "Tell us about any expenses for your business" screen (See the attached screenshot below. Click to enlarge.)

6.       Click Continue at the bottom of the page

 

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Level 1

What is a "Depreciation for Schedule C" and why do I have to complete it?/Where do i find it?

Anything you buy for your business use can be deducted as an expense on your Schedule C. Some assets (things of value) you buy may be deducted immediately (these are current assets, "supplies"), while other assets have a long-term life and these assets can be deducted over the years of their life.

For example, if you buy a car for your business, you can deduct the cost of the car over a specific number of years. This is depreciation, and it's a benefit to you for tax purposes to be able to take these deductions. 

If you have any other details regarding this question, please feel free to post them in the comment section. 

You enter your assets purchased in 2017 in a special section and not as an actual expense.

1.       Open (continue) your return, if you don't already have it open.

2.       Inside TurboTax, search for schedule c and click or tap the "Jump to" link in the search results.

3.       If asked, answer Yes to Did you have any self-employment income or expenses? or Did you have any income and expenses for a business in 2017? and follow the onscreen instructions.

4.       Click Add expenses (See the attached screenshot below. Click to enlarge to see where to enter your asset.)

5.       Select Assets (radio button) on the "Tell us about any expenses for your business" screen (See the attached screenshot below. Click to enlarge.)

6.       Click Continue at the bottom of the page

 

Level 1

What is a "Depreciation for Schedule C" and why do I have to complete it?/Where do i find it?

It says it will be available on 02/01/2018 so i can’t even access it right?
Level 1

What is a "Depreciation for Schedule C" and why do I have to complete it?/Where do i find it?

You can enter it all in TurboTax but the Form 4562 won't be available to e-file until then.
Level 1

What is a "Depreciation for Schedule C" and why do I have to complete it?/Where do i find it?

Now it just says "Available soon" When will this form be ready? It keeps getting pushed back and I'd like to complete my taxes.