how do I deduct purchased equipment that I rent to others for the day?

upatrail · ‎April 17, 2022

I rent canoes, kayaks, and fishing equipment to people for the day. how do I deduct the purchase of these items?

AnnetteB6 · ‎April 17, 2022

If you are running a business renting equipment to others for the day, then the cost of the items that you are renting would be entered as Assets of your Schedule C business. Depending on the price of the items, they will either be depreciated over time or you may choose to use the safe harbor election to deduct the full expense in one year. Either way, go to the Assets section of Schedule C to get started.

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AnnetteB6 · ‎April 17, 2022

If you are running a business renting equipment to others for the day, then the cost of the items that you are renting would be entered as Assets of your Schedule C business. Depending on the price of the items, they will either be depreciated over time or you may choose to use the safe harbor election to deduct the full expense in one year. Either way, go to the Assets section of Schedule C to get started.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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how do I deduct purchased equipment that I rent to others for the day?