I purchased a new machine for my business and would like to deduct the cost over several years. It is not a rental property.
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.
No. You will enter the machine as a business asset under self-employment income.