I bought a computer that I use for multiple LLCs. How do I depreciate it?

[uptpilot]

Using TT Self Employed.  The computer is used for personal business (for the company that provides a W-2), for an LLC (sole proprietorship) that I own, and for two other LLCs that I partly own (partnerships) which will provide Schedule K's.  The Partnerships have a non-reimbursement agreement that says that I'm responsible for expenses related to doing the job.  Where do I deduct this in TurboTax?  If I go to Business --> LLC #1, won't it make it seem like the computer is exclusively the property of LLC #1 and thus excessively eroding LLC #1's reported business income?

[PatriciaV]

First, you will need to allocate the total cost to all activities that benefit from the asset. Then enter the allocated portion to each activity as is appropriate.

Expenses related to W-2 income would be entered as Job-Related Expenses for Schedule A (Itemized Deductions).

Unreimbursed partnership expenses are entered during the Schedule K-1 entry for Schedule E.

The portion for your sole proprietorship would be entered on Schedule C.

If the allocated cost for any activity would normally qualify to be depreciated (ie: generally over $500), note that any cost of $2,500 or less may be directly expensed under the Safe Harbor Election. This is found at the beginning of Assets/Depreciation under job expenses and Schedule C. If you take this election, it will apply to all your businesses for the tax year. The allocated cost is then entered as a Miscellaneous Expense.

If the allocated cost is less than $500, you may report this under any appropriate expense category for that activity.