How do handle equipment used in a personal business that was started this year but the assets were purchased in previous years?
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shuttlemanfl
New Member

How do handle equipment used in a personal business that was started this year but the assets were purchased in previous years?

So, I'm one of those people that flipped from taking pictures for fun to taking pictures for profit.  I have a number of high value assets (cameras and lens) and a lot of miscellaneous equipment (umbrellas, tripods, remotes, etc) that were purchased in previous years that are now being dedicated to the business.  The business was formed this year and has generated sizable revenue in 2016.  Can I deduct these expenses?  How do I do that when walking through the standard questions on TurboTax?
1 Reply
HelenaC
New Member

How do handle equipment used in a personal business that was started this year but the assets were purchased in previous years?

Yes, you may enter the equipment on your 2016 income tax return. Items purchased for your business, before you opened your doors for "business" are start up expenses.

https://ttlc.intuit.com/replies/5146525

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