Question

Self employed. Using same vehicle since 2017. Can I put that I started using 1/1/2020 or will that trigger audit? Otherwise, why is it giving such a small deduction?

Forum|Forum|5 years ago
January 26, 2021
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TurboTax Self Employed Online

You should put the actual date you started using your vehicle. You deduction depends on business use of your vehicle. it's determined when you enter business and personal miles driven during the year. Amount of allowed depreciation also affects your vehicle deduction. It is smaller when put 2020 date instead of the actual date when you started to use your vehicle because it calculate bigger depreciation deduction for the first year of use the vehicle.