where do I claim tools and equipment?

I'm a freelance musician. I'm wondering where to claim equipment purchases ie: guitars, drums, etc.


Thanks.

Answer

As a freelance musician, you are self-employed.  Once you answer the question regarding self-employment, or go to the income tab and click on self-employment "other" type, you will find a form to fill.  Part of that form will include you CCA and asset additions where you can enter your equipment.  As musical equipment is usually costly, and fairly long lasting, you will be able to enter the guitars and drum equipment.  You can either keep a spreadsheet, listing the various guitars and equipment, and then list the total value as an asset addition in class 8, or you can list the guitars separately and the drums as one complete unit in the same class.  If you sell a piece or write off a piece as damaged, you will need to know the original cost.

Was this answer helpful? Yes No
Original
SuperUser

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community