State tax filing

You are correct.  If you are not engaged in the activity of renting personal property (this may be determined differently by the IRS depending on facts, circumstances and longevity) then you can enter the income on Schedule 1, Line 8k, then enter your manually calculated depreciation on Schedule 1, Line 24b.  

If you not engage in an ongoing concern, as opposed to an occasional rental of personal property, then this might go through without a hitch. This is a decision you will need to make.

1. Sign into your TurboTax account
2. Select Wages & Income > Scroll to Less Common Income > Select Miscellaneous Income, 1099-A, 1099-C
3. Select Income from renting out personal property (not rental real estate or farm rentals)
4. Enter your income and your expense 
5. This will populate on the appropriate lines of the Schedule 1
6. See the images below.