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dyson684
New Member

When adding tools/equipment bought for work...should I put the total amount for 2016?

 
1 Reply
RyanH2
New Member

When adding tools/equipment bought for work...should I put the total amount for 2016?

It's best to enter tools as assets for your job. When you enter them you will have three options - to deduct the full cost for 2016, take a partial deduction, or to enter depreciation on the tools that will be done on a year by year basis.

To Enter Assets as Job-Related Expenses:

1. Select "Federal Taxes" at the top of the page

2. Select the "Deductions & Credits" sub-tab

3. Scroll down to "Employment Expenses" and select "Show More"

4. Select "Revisit" next to "Job Expenses for W-2 Income"

5. Select "Edit" next to your occupation

6. Continue through the home office and vehicle sections until you arrive to the assets page and choose to enter an asset

7. Select "Tools, Machinery, Equipment, Furniture" at the screen titled "Tell Us About the Item You Bought or Owned"

8. Continue entering the information until you arrive to the screen titled "How Do You Want to Deduct this Item?" and select how you would like to take the deduction

Visit this link for more information on which deduction you should take for your tools or other assets: Managing and Depreciating Assets








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