Restaurant Equipment

Forum|Forum|3 years ago
March 18, 2023
2 replies
25 views

How do I classify restaurant equipment when listing depreciable assets? None of the categories seem to match very well. Construction equipment?

TurboTax Business Windows

AnnetteB6

Level 15

If there is not a specific category that matches the asset you are depreciating, the general rule is to depreciate it over 7 years. Choosing the General purpose tools, machinery and equipment category will do this. That would be a better match for depreciating restaurant equipment.

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krazykitty

Level 2

Machinery and equipment is what is usually used. Depending on what the equipment is sometimes it is 5 years others 7 years. Also, you can also Section 179 new equipment purchases and take the full deduction on this year's tax return if you have a profit.