Question

llc deduct a vehicle purchase from income

Forum|Forum|4 years ago
April 14, 2022
1 reply
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My LLC purchased a vehicle for work in 2021, can this amount be deducted from Idaho State Income?

TurboTax Business Windows

Idaho conforms to Internal Revenue Service depreciation rules with regard to vehicles used in a business. You can take a deduction on your Idaho personal income tax return for a vehicle to the extent it is used in a business that you own based on the allowed treatment of the vehicle deduction on your federal tax return.

The allowed deduction for the cost of a vehicle used for business purposes varies depending on the type of vehicle, the percent of business versus personal use of the vehicle, the income of the business and a variety of other considerations.

When you enter your business income and expenses in the federal section of TurboTax, you will see a section for vehicle use, you need to complete that section and the vehicle expenses will flow down to your Idaho return.

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J

jhermano872

In my TT Business 2022 - there is no question to ask me about purchase of a vehicle for the business except for an alternative fuel type. How do I get this into the software?

AliciaP1

It depends on what type of business you made the purchase for. If you file your business on a Schedule C, you can add your vehicle as an asset purchased by your business.

To do this in TurboTax Online you can follow these steps:

Within your tax return use the magnifying glass icon to search for Schedule C
Click the Jump to link
Click Edit for the line of work
Scroll down and click Add expenses for this work
Scroll to and click Add for Assets - if you don't see it on the list, scroll down to the Less Common section and click the down arrow and show more until you do
Click Continue
Click Start for Assets