I started a bitcoin mining business in 2024 and want to depreciate my equipment costs 100% for the tax year, how can this be done in turbotax under section 179?

You will report your mining award income and expenses as self-employment income. When you set up your self-employment activity in TurboTax, you will see a section for entering assets, on the screen that says Your (name of business) Business, it will be called Business Assets. When you work through that section, you will see an opportunity to enter your assets.

 

After you enter the cost and date put into service for your equipment, you will see a page that says How Do You Want to Deduct this Item? to which you should choose I'll deduct the full value of the item this year. (Take the Section 179 deduction.):