Question

In the review section for my schedule c car and truck expense it is asking me for cost...what cost?

Forum|Forum|7 years ago
June 6, 2019
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TurboTax Self Employed Online

Employee

The original cost of the vehicle. TurboTax needs this to calculate depreciation. If you bought a new car for your business, your cost (depreciation basis) usually includes:

- The actual cost of your car

- The sales tax you paid

- Delivery and handling fees, if any

But the cost of your car DOESN'T include:

- Department of Motor Vehicle fees

- Finance charges

- Credit insurance

If you bought a new car after Feb. 16, 2009 and used it partially for business and partially for personal use, you can choose to deduct the nonbusiness part of the sales taxes with your itemized deductions.