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Q
quelisa2019
January 24, 2023
Question

How do I enter a financed vehicle used for business rather than a leased one?

  • January 24, 2023
  • 1 reply
  • 0 views
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1 reply

M
Mike9241
January 25, 2023

in the schedule C section, there should be a link or question to add a vehicle. you enter the info requested. For cost you enter the full purchase price.  you enter 100% of the expenses such as gas, oil insurance, etc. or you can use the standard mileage method (skip entering the expenses in this case) The business portion is figured based on business mileage to total mileage and actual expenses including depreciation are calculated or the standard mileage deduction is calculated based on business mileage.

   

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