Where do I enter a vehicle purchased for business?

Forum|Forum|6 years ago
June 1, 2019
2 replies
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I'm using Home & Business edition. I only have the oppurtunity to enter in expenses associated with it, but not the purchase of it. Under depreciable assets, turbotax says not to enter vehicles.

TurboTax Self Employed Online

RichardG

Employee

Your entering the vehicle in the right place. With the standard mileage deduction, the cost of the vehicle isn't relevant.

Unless you elect to use actual expenses for the vehicle, you don't enter the cost of the vehicle. If you answer yes to the question "Do you want to see if your actual business expenses give you a bigger deduction?" you'll enter the purchase price in that interview.

franzwa

Employee

I don't see the question "Do you want to see if your actual business expenses give you a bigger deduction'? Where is that question?

ebeard5

I was looking for the same thing. If you purchase a work truck you can use the purchase of the truck and have as an asset using the Section 179 to write it off one time. In TurboTax on the assets it says don't put vehicles there. So where do you put it?

fixitdaily

you can enter there but ultimately to get tax deductions you'll have to enter it in Assets. You'll have to go deep and claim straight line depreciation then you will be given a choice to take the full amount for the tax year or depreciate over time