The tractor and trailer, by IRS rule, have a 3 - 5 year useful life. As you are starting a new business and it will take time for income to increase, you will want to depreciate it over 5 years.
Entering
your information in TurboTax, treat it as a business asset, so the
depreciation calculations are activated. You may select the appropriate options for special depreciation or Sec. 179, but I would suggest that you do not speed up depreciation, to keep your expenses in line with your income.
Create separate assets for the tractor and the trailer. You are presented
with four asset-type choices, none of which appear to describe your
tractor, but select "trailers," which will set the appropriate 5 year
useful life. The default in TurboTax is set to the 200DB depreciation
method, with a mid-quarter convention, which is perfect for your
circumstances. This will leave most of the value to be
depreciated in the following years, when you will be using the tractor
to create more income.
