Handling of a business expense for an item of price of $2,900

[YuryK]

I am a sole proprietor as a professional athlete in Massachusetts. This year I have bought an item for business (a professional sportive item that I compete with) that costs more than $2,500 ($2,900). I know that if it was 2,500 or less, I would not have to deal with depreciation and could add it as a business expense for this year tax return. But what should I do now since it's more than 2,500? And how will TurboTax help me handle it?

Thank you.

[Michele_H · Accepted solution]

Hi @YuryK , you may be able to take a deduction for the full amount if needed by using section 179.  I am attaching a link that explains a little more in detail what this is.

https://turbotax.intuit.com/tax-tips/small-business-taxes/depreciation-of-business-assets/L4OStLQEL

The program will ask you some questions related to the asset and you can determine whether to depreciate or use the section 179 depreciation deduction. 

All the best!