Question

purchased vehical for business

Forum|Forum|5 years ago
July 13, 2020
1 reply
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Can I claim the purchase cost of a vehicle purchased solely for our business in 2019 and if so where does that go in turbotax?

Not A Product Question

VictoriaD75

If the vehicle is available for personal purposes, it is considered listed property and not a 100% business asset. You must track your business miles. If you opt for the standard mileage deduction, depreciation is part of the calculation. If you use the actual expense method, you can depreciate the vehicle separately. Be sure you understand the difference. If you choose the actual expense method, you cannot opt for standard mileage in a subsequent year. Actual expense also requires you to maintain all gas receipts, etc. Both methods require mileage logs.

Business Use of Vehicles

Maximizing Tax Deductions for the Business Use of Your Car

Standard Mileage vs Actual Expenses

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