I have a bunch of camera equipment that I don't know if it's an asset or an expense. I'm happy to write off the full amount this year. What should I do?

[matt-clements76]

I have a camera worth more than 2500.  And lenses and other equipments worth less than 2500.  Should they all be assets?  I wouldn't mind getting the most money this year (as opposed to slow depreciation) as I'm always investing more on equipment.  Where should deduct these items?  All in Assets or expenses?

[WillK]

The camera itself should be listed as an asset and the other equipment could be listed as expenses. When you are entering the asset in, you can elect to take bonus depreciation to get more depreciation expense this year. Turbo Tax will walk you thru how to do this. 

[matt-clements76]

Thank you.  But I already entered all the equipment as assets.  Was that a mistake?  Should I re-do it all as expenses?  I haven't filed yet..

[WillK]

You can leave them all as an asset or take the assets off that you would like to expense.

[matt-clements76]

Thank you for your quick response.  Ok, is there an disadvantage to leaving them as assets?  Am I more likely to be audited?  It was a total of around $8000 in equipment.

[WillK]

No that will not increase your chances of being audited. In fact, leaving it as an asset is the safer route

[matt-clements76]

Excellent, thank you for your advice!!