Yes, lawn equipment is an asset. An asset is something containing economic value, or future benefit. An asset can generate cash flows in the future, such as a piece of machinery, a financial security, or a patent.
Assets can be expensed (deduction taken in one year), or depreciated (deducted over time).
To post assets to TurboTax
- Select BUSINESS on the top bar
- Let's find some business deductions = Continue
- I'll choose what I work on
- Select Business Income & Expenses
- Select or post your business
- Scroll down to Business Assets
- The interview will guide you
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