As this isn't a startup cost, you can't deduct $5,000 the first year.
For items costing $2,500 or less each, you don't need to itemize every purchase but can list the total as an expense under Miscellaneous expenses and described as Tools costing less than $2,500 each. Remember to make the de minimis safe harbor election.
For tools costing more than $2,500 each, you enter each one as an asset and depreciate them over their useful life.
For larger items, another option is electing section 179 and deducting the entire cost in the first year.
See this IRS document.
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