If you are reporting the home daycare income as self-employment income on Schedule C of your personal income tax return, the appliance purchase may be reported as a depreciable asset and included in your Business Asset Summary.
The Depreciation and Amortization section will be ready by February.
It is not known whether or not this is an item which is 100% dedicated to the home daycare business. It is not known whether you have elected some other format to report your home daycare business.
In TurboTax Online, you would report a depreciable asset by following these directions.
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click to the right of Self-employment income and expenses.
- At the screen Your self-employed work summary, click the pencil icon to the right of the self-employment activity.
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