Solved: I'm doing the contracted version of turbotax. I added the price for the laptop I bought and it only took off a small amount. I thought the whole value would be deducted?
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tonynyc
Level 1

I'm doing the contracted version of turbotax. I added the price for the laptop I bought and it only took off a small amount. I thought the whole value would be deducted?

I am contacted and the laptop is fully used for work only.  I spent about $400 on it.  I added it in the section of expenses as turbotax recommended.  The price of what I owe, only went down a little, not the full amount of the $400.  I thought it should all come off since it is for work and I was required to use it for my contracted work since the company won't provide me a laptop to do their work.


PS. I had replaced my laptop from last year since the other has a broken screen and I just got rid of it.  Do I have to do something with this for this years taxes?  That was a cheap $300 laptop.

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MarilynG
Level 11

I'm doing the contracted version of turbotax. I added the price for the laptop I bought and it only took off a small amount. I thought the whole value would be deducted?

Yes, if you entered the laptop as a Business Asset and elected to expense the entire cost this year, it would reduce your Schedule C income by $400.

This does not mean your Tax Owed would also go down by $400.  Your business loss will be netted against the other income on your tax return. 

Here's how to enter your Laptop as a Business Asset:

https://ttlc.intuit.com/replies/5257260


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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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MarilynG
Level 11

I'm doing the contracted version of turbotax. I added the price for the laptop I bought and it only took off a small amount. I thought the whole value would be deducted?

Yes, if you entered the laptop as a Business Asset and elected to expense the entire cost this year, it would reduce your Schedule C income by $400.

This does not mean your Tax Owed would also go down by $400.  Your business loss will be netted against the other income on your tax return. 

Here's how to enter your Laptop as a Business Asset:

https://ttlc.intuit.com/replies/5257260


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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