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Business & farm
No. There's no special paperwork to be filled out. You would file this in your own personal joint return on a Schedule C. If you want to use TurboTax, you need TurboTax Premium if you use the online version. If you use the software, you need the TurboTax Home and Business product.
Each upgrade you mention should be depreciated separately with its own depreciation schedule unless each item cost $2500 or less. If this is the case, you can expense those items. Otherwise, there is a Business Asset section where you can report these separately as Mike9241 explains.
I also concur that a tax professional may be beneficial this first year just to get an idea on how to report this properly in your return.
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March 17, 2025
9:29 AM