Title category for equipment

[BabyMonkeys]

What would you name the category that I would put all of my pnp, swing, saucer, etc in? I know in your book you say not to title it "equipment" but that is probably what I would use. Glad I read the book

[TomCopeland]

expense category

What would you name the category that I would put all of my pnp, swing, saucer, etc in? I know in your book you say not to title it "equipment" but that is probably what I would use. Glad I read the book

I'd call them "Household items" and put them on one of the lines on the back of Schedule C.

[Unregistered]

Why is it not to be called equipment? That is what my tax person told me to use for cribs and stuff that lasts for years.

[TomCopeland]

equipment

Why is it not to be called equipment? That is what my tax person told me to use for cribs and stuff that lasts for years.

In general, equipment is something you depreciate. If any of your items cost less than $500 you can deduct them in one year, rather than depreciating them. In the end, it doesn't matter what you call an expense.

[Unregistered]

Thank you. I looked at last year's forms and he changed it to Small Equipment.