Vehicle Depreciation

Forum|Forum|3 years ago
March 22, 2023
1 reply
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I bought an SUV (weight 4,800 lbs.) in January 2022 and used it 35% for my self employed business. Can I depreciate it using section 179 or other methods?

TurboTax Home & Biz Windows

AliciaP1

You can claim partial depreciation through the standard mileage rate under the Business Vehicle Expenses section in TurboTax, but you cannot claim a Section 179 deduction because you do not use it more than 50% for your business.

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hntrustAuthor

Employee

Can I claim actual expenses if they are more than standard mileage rate? Do actual expenses need to be multiplied by the percentage used for business to determine the deduction?

MinhT1

Yes, you can claim actual expenses,

To use the actual expenses method, add up all the money you actually spent operating your vehicle and multiply that figure by the percentage of the vehicle’s business use (e.g. if 35% of your mileage is for business, multiply by 35%).

Please read this TurboTax article for more information,

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