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T
ttipton35
April 1, 2020
Question

On Schedule C Can I deduct a down payment of $5000 for a down payment on the bus I'm leasing on startup costs?

  • April 1, 2020
  • 1 reply
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1 reply

M
mglauner
April 1, 2020

Yes, you can deduct your down payment for a bus as a 'start up cost'  if it is needed to start your business. 

 

When you set up the bus as a Business Asset for Depreciation, enter the Cost as 5K less, since you are already deducting that amount as a start-up cost.

 

Click this link for more info on Entering Start Up Costs. 

 

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