Yes, items over $2,500 are assets and should be depreciated over the IRS recommended useful life.
Here are the entry instructions to enter an Asset (Depreciable assets have a useful life of more than a year & wear out over time, or otherwise lose their usefulness).
- Type sch c in the search bar and click on Jump to sch c in the results box.
- Either Edit or Review your business.
- On the Here's your XXX info screen, scroll down to Assets. If you don't see Assets, click on Add expenses for this work , Less common expenses and check the box next to assets. Continue.
- Back at the Here's your XXX info screen, scroll down to Assets and Start.
- Continue with the onscreen interview until complete.
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