I store Tires for the truck and Flatbed trailer, tools and equipment. Ialso to store business related documents for long term storage. How would you expense in turbotax and where?
The trailer will be listed as a Fixed Asset for your business. You will enter the information about the trailer under Wages & Income, Business Items, Business Income and Expenses. Under Business Expenses, select Assets and depreciation then click start. The program prompts will help you complete your entry.
Your trailer should be categorized as “Tools, Machinery, Equipment, Furniture” and then “Trailers and Trailer Mounted Containers”. Then, you will enter the details about your trailer such as the cost and date of purchase. Finally, you will be given your options for deducting the cost of the trailer.
The trailer will be listed as a Fixed Asset for your business. You will enter the information about the trailer under Wages & Income, Business Items, Business Income and Expenses. Under Business Expenses, select Assets and depreciation then click start. The program prompts will help you complete your entry.
Your trailer should be categorized as “Tools, Machinery, Equipment, Furniture” and then “Trailers and Trailer Mounted Containers”. Then, you will enter the details about your trailer such as the cost and date of purchase. Finally, you will be given your options for deducting the cost of the trailer.