I have a schedule C business and last year I purchased a vehicle under the business name and took the 179 deduction to deduct full cost of the vehicle. So the vehicle is in my assets already.
This year when I tried to enter the vehicle expense under the “business vehicle expense” section, it started to ask me all about the ownership, purchase date, trade in value etc. again, which make me wonder TurboTax is trying to calculate the depreciation expense and add this as a new vehicle again.
how can I let it know this is an existing vehicle in my assets and the depreciation expense should be 0 since I took it all already last year? Or do I have to provide all that vehicle information again ?
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Did the vehicle transfer over or are you entering it as a new vehicle? If the vehicle transferred over, then it should not be trying to depreciate it again.
If however, you are entering it as a new vehicle, then be sure to enter the date that you placed it in service correctly, then you will get a question asking "How much did you deduct for Section 179 business use of this vehicle" Here you will enter that amount and you will not get another depreciation deduction.
Thank you.
I didn't try to enter it as a new vehicle. Currently the vehicle IS under my business assets if this is what you mean "transferred over". If this is the case, then where should I start to enter my vehicle expense? Is there any other place that I should go instead of trying to enter those in the "Business Vehicle Expense" section? Since it doesn't seem to recognize the vehicle from my asset list, instead it started to treat it as a new vehicle.
Or maybe I didn't go further enough to reach the above question that you mentioned. I stopped when it started to ask me trade-in values, maybe I should try go furthur....
OK now I get to the section that your picture reflected to and I thought im' all done.
However, before I file, I checked my worksheet 4562, and it added these vehicle to my business asset AGAIN. Now for 2024 I have 2 same vehicles in my 4562 which increased my total business asset.
The actual expense should be good numbers since I have $0 depreciation expense this year considering I toook it all in last year's 179 deduction.
Now it's really importnat question that how to enter this year's business vehicle expense without duplicate my business assets. Like my orignial question posted, after asking me all the questions when I tried to enter business vehicle expense, it treated this as a new asset and added again to my form 4562.
Please clarify which version of TurboTax you are using: TurboTax Online or TurboTax for Desktop? Windows or Mac? What version did you use last year?
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