Capital assets, like a food truck, are reported as depreciating assets. Generally anything with a "class life" as in a depreciation table is reported as a depreciating asset, not as supplies. However, if the value is low, you may still report it as supplies, for instance less than $300. In addition, there is a "Section 179" option which allows you to elect to deduct the whole cost of certain depreciating assets in the year of purchase. They are still listed in the depreciation schedule until they are completely depreciated in value according to their class life.
So if you bought a $1000 stove or refrigerator, they would be depreciating assets, while a $150 microwave could perhaps be listed as supplies, although it certainly could be listed as a depreciating asset.
This could actually be of some advantage to you, as you will hopefully have more profits as the years go by, and the deductions year by year will be better matched to your income than a lump sum deduction in a year when you're not yet making very much money. Remember that taking section 179 is an elective choice, not a requirement.
