choosing a category for past vehicle purchases

[mrfixit1888]

I'm using turbotax business for the first time. It imported info from quickbooks and is now asking me to clarify categories for certain expenses. It imported vehicle purchases, made years ago, that we are still using and is asking "this is for". What category do I put them under?

[PatriciaV]

Please clarify what choices are available to answer this question.

In general for imported info, TurboTax will ask you to identify which business or activity is relevant.

[mrfixit1888]

These are the options it is giving me. I assume I would choose a different category for the forklift and the vehicles? the dollar amounts are what we originally paid for them.

Thank you

[mrfixit1888]

I just saw after I posted that the screen shot didn't show so I guess I'll have to type it out.

These are the options:

mortgage/real estate loans

asset/equipment/buildings

accumulated depreciation

depletable assets

accumulated depletion

land

intangible asset

accumulated amortization

Again, I assume the forklift and the vehicles would be under different categories?

Thank you for the help.

[PatriciaV]

The vehicles and fork-lift are both assets for depreciation.

You might go back to Quickbooks and run a depreciation report to show all your assets and accumulated depreciation, which might be helpful for this step.

Depending on the amounts being questioned, you would assign the imported figure either to Assets or Accumulated Depreciation. If the assets have reached the end of their useful life (5-7 years), those amounts could be the same.

Additional info:

• What is depreciation?
• Who determines the useful life of a business asset?