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Thread: Equipment Purchases on Schedule C?

  1. #1
    Join Date
    May 2004
    Lexington, KY

    Equipment Purchases on Schedule C?

    Getting a head start on my taxes. Where does one list equipment purchases on a Schedule C? Under Part 2 or Part 5?

    And before someone comments on getting a professional, I plan on having an accountant double check my figures.
    Chris Cord

  2. #2
    Join Date
    Feb 2008
    Do a little research on the section 179 deduction which allows you to
    deduct equipment expenses rather than to depreciate them over a
    certain number of years (depending on the type of equipment).

  3. #3
    You would first enter it using Form 4562 (Listed Property)

    To depreciate your property use Part 3 (MACRS) Line 19
    To expense it use Part 1 (Section 179) Line 6

    Then, the amount of depreciation or section 179 expense you elect would be transferred to Schedule C Part 2 Line 13.

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