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New Member

How do i enter depreciation on a machine i purchased and paid for in 2018

I purchased a new machine for my business and would like to deduct the cost over several years.  It is not a rental property.

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Level 3

How do i enter depreciation on a machine i purchased and paid for in 2018

To depreciate a machine used for business:

1.  Click Federal Taxes across the top.

2.  Click Wages & Income across the top.

3.  Click I’ll choose what I work on.

4.  Scroll down to Business Items.

5.  Click Start or Update by Business Income and Expenses (Sch C).

Click Continue till you get to the Rental and Royalty Summary.

Click Edit by the rental you'd like to add the asset to.

Click Start by Sale of Property/Depreciation.

From there, you can walk through the interview where you'll enter all the details.

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New Member

How do i enter depreciation on a machine i purchased and paid for in 2018

@CherylW 

I have the same problem only for 2019.  The machines are for my business.  It is not a rental property.  Do I still enter under rental?

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Expert Alumni

How do i enter depreciation on a machine i purchased and paid for in 2018

No. You will enter the machine as a business asset under self-employment income. 

  • From the Federal menu, click on Income & Expenses
  • Expand the menu for Self-Employment
  • Click Start/Revisit next to Self-employment income & expenses
  • Edit next to the business or Add the business if needed
  • Include the expense in Assets

Depreciation of Business Assets

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