The assets that are used they would be listed as an asset if the estimated life is greater than one year. As noted by @ColeenD3 you must determine the business use percentage if you also have personal use and you are allowed to use a cost basis of the lesser of the following:
- The actual cost of the asset; or
- The fair market value (FMV) on the date it was first placed in service for your YouTube business.
- You can determine FMV by checking various sites to determine what someone would pay for your camera in the current condition and age.
In TurboTax Self-employed Online or CD/Download:
- Find the Search Box and type Schedule C > hit enter and from the search options click on Jump to Schedule C
- Then (assuming your business has already been set up in TurboTax), you'll want to click Edit next to your business and then scroll down to the Business Assets topic and click on Start (or update)
- Continue to enter your asset and include the business use percentage when asked.
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