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January 31, 2025
Question

vehicle

  • January 31, 2025
  • 1 reply
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I bought a vehicle for my business and and that option is not showing up for me to add it. 

    1 reply

    LindaS5247
    February 4, 2025

    You will enter your vehicle under your "Business Expenses" on your Form Schedule C.

     

    Select "Business" in the top (gray)  bar of your TurboTax screen. Scroll down to "Business Expense" and select "Business Vehicle Expense"

     

    If you are using the standard mileage deduction, you will not be entering the cost of your vehicle. ‌The standard mileage rate will actually include an amount for the depreciation of your vehicle, and it also reduces the adjusted basis of the vehicle when you decide to sell it.

     

    If you are using actual expenses for the business use of your vehicle, depreciation will be included under actual expenses. 

     


    Click here for important information regarding business use of vehicle.  This article discusses in-depth the Standard Deduction vs Actual Expenses and also Depreciation of your vehicle.

     

    Click here for information regarding maximizing tax deductions for business use of your vehicle.

     

    Click here for information on depreciation of business assets.

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