No. If you purchased equipment, you list it as a business asset. Then the asset will be depreciated. Depending on the type of asset, you may be able to take full depreciation in the first year, or you may have to depreciate it over several years.
When you take depreciation, you are getting a deduction from your income whether it be all at once or over time, so if you also wrote it off as a business expense, you would be taking a deduction for the same item twice.
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