In the farm income section of TurboTax, you will enter each piece of equipment as an asset using the Asset Entry section. Usually each asset is entered individually. After you answer a series of questions about each asset, TurboTax will automatically calculate the allowed depreciation and keep track of it for you on the Depreciation Report. Each year when you start a new tax return, TurboTax will transfer your previous years name, address, SS #, ect. and depreciation.