Can I deduct the insurance payments on the tractor I use for my business? If so where do I enter that?

Forum|Forum|3 years ago
April 16, 2023
1 reply
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I bought(financed) a tractor for my business but I can't figure out if I can deduct the insurance premiums. If I can deduct them where do I enter those?

TurboTax Online

Best answer by AnnetteB6

Yes, insurance on property used in your business is a business expense that can be deducted.

You can enter the cost of the premiums paid for 2022 under the Insurance category of expenses, or in the Miscellaneous Expense category where you can enter your own description and amount.

AnnetteB6Answer

Yes, insurance on property used in your business is a business expense that can be deducted.

You can enter the cost of the premiums paid for 2022 under the Insurance category of expenses, or in the Miscellaneous Expense category where you can enter your own description and amount.

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