Schedule C

Forum|Forum|2 years ago
October 17, 2023
2 replies
4 views

Not understanding what the Depr allowed or allowable means? Says an amount must be entered. I have no clue what amount to enter. I have had the vechicle since the start of my business in 2017. This is what's stumping me from finishing my taxes

Anonymous_

Level 15

Depreciation deductions you actually took (in past tax years) or could have (should have) taken.

Did you use actual expenses or the standard mileage rate?

See https://www.irs.gov/taxtopics/tc510

fanfare

Level 15

you had the car but was it in service for your business since 2017?

If you did not list it as a business asset before, don't start now.

@sc67

VolvoGirl

Level 15

Did you sell or dispose of the vehicle?

Schedule C

2 replies

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