Schedule C and how do I include such a large expense

[Robertrish]

I have a LLC with a sole proprietorship and manage rental properties; and materially participate in the operation of the business. I'm using a Schedule C. I have purchased a riding lawnmower and want to know if I can deduct on that form? Or do I need to depreciate; and if so do I also have to use a Schedule E for depreciation?

[AmeliesUncle · Accepted solution]

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@Robertrish wrote:

I have a LLC with a sole proprietorship and manage rental properties; and materially participate in the operation of the business. I'm using a Schedule C.

I have purchased a riding lawnmower and want to know if I can deduct on that form? Or do I need to depreciate; and if so do I also have to use a Schedule E for depreciation?

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If you are renting out your own properties, those rentals go on Schedule E, not Schedule C (unless "services", such as maid service or meals, are provided to the tenants).  If you are managing properties for other people, Schedule C is correct.

The 'default' rule is that items that are over $200 and useful for more than one year are depreciated.  However, there are several elections that you might qualify for that could allow you to deduct larger-cost items in one year.  Go to the Asset/Depreciation section and it should describe those elections.  If the lawnmower does not qualify under any of those elections, continue on in the Asset/Depreciation section to depreciate the lawnmower.