Assuming that you are eligible to deduct the cost of the older laptop that is used 100% for business, you would need to know the fair market value (FMV) of the laptop on the date that you converted it to business use. The FMV is the amount that will be deducted or depreciated on your return.
As you enter the information into that part of your return, the laptop will be entered as an Asset. You will need to know when it was purchased, how much it cost, when it was converted to business use, and the FMV on the date it was converted. TurboTax will then compare those values and determine which number to use as a deduction or for depreciation. The lower of the two values will be used.
You can search for a similar laptop for sale online to determine the best FMV showing what a willing buyer would pay for a similar machine.
To follow-up on the information shared by DoninGA and xmasbaby0, if you are an employee receiving a W-2, the FMV of the laptop will not be deductible on your Federal return. It may be deductible on your state return, depending on your state.
But, if you are a sole-proprietor filing a Schedule C, the laptop would be entered as an Asset for your Schedule C business.
@trinkel
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