You deduct the expense(s) on Form 1040 Schedule C. You will also enter your 1099 income on the same Schedule C.
The following are instructions on how you can enter your
self-employment income and expenses on Schedule C:
1.
Login to your Turbotax online account
2.
Start working on your 2017 tax return
3.
In the upper right corner type “schedule c” in
the Search box and click the magnifying glass icon
4.
Click “Jump to schedule c”. It will be the first
search result
5.
Click Yes on the screen that asks “Did you have
any self-employment income or expenses?”
6. Scroll through the expenses and click on "Less common expenses" to see "Equipment rental expense"
7. Enter the expenses for renting equipment in the "Equipment rental expense" box
If you have already
started entering Schedule C income and expenses, the navigation is slightly
different. See below:
1. Follow steps 1 through 4 above.
2. Click Edit next to the business
name
3. Scroll down to see buttons to "Add
income for this work" or "Add
expenses for this work"
The following is a link to IRS.gov and it explains Schedule C in more detail:
Click Here for Schedule C
Instructions from IRS.gov
[Edited 01.15.17 | 11:45 AM]
