turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

kad418
New Member

I paid $20,000 in 2017 for a car for my business that I started in 2012. Can I deduct $ 5000 as business startup.

I have not used start up deductions, in previous tax years, for my business I started in 2012. Can I use $5000 deduction on a car I purchased in 2017 for cash? 

1 Best answer

Accepted Solutions
KrisD
Intuit Alumni

I paid $20,000 in 2017 for a car for my business that I started in 2012. Can I deduct $ 5000 as business startup.

No, start up costs can only be claim in the first year of the business. 

Click Here for Business Depreciation Information from TurboTax

View solution in original post

1 Reply
KrisD
Intuit Alumni

I paid $20,000 in 2017 for a car for my business that I started in 2012. Can I deduct $ 5000 as business startup.

No, start up costs can only be claim in the first year of the business. 

Click Here for Business Depreciation Information from TurboTax

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies