Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 15, 2025 10:40:24 AM

If I started a business in 2024, how do I write off business equipment purchases than were made in 2023? All the prompts are asking for purchases made in 2024.

0 1 357
1 Replies
Expert Alumni
Mar 15, 2025 10:53:11 AM

Equipment purchases made in 2023 that were not used until you started your business in 2024 would be listed as assets and depreciated. When you do this it will ask when you purchased it and when you put it into use.  Depending on the type of asset you may be able to use a safe harbor election

Business assets are found in the business income and expense section Below the Business expenses.  You can also enter assets in the search bar and select jump to. 

If these are supplies and not depreciable assets, then you need to select that your business is just starting and you will enter these under start up costs.