I purchased a new truck, and I usually put all Far...
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Will30747
Level 2

I purchased a new truck, and I usually put all Farm expenses on Schedule F, but I don't see where to do the depreciation.

I put in the Truck mileage on Schedule F, so how/where do I input the depreciation information?

 

Also This year I will have about 60% business use, but going forward it may only be 20% Business Use. How can I take the depreciation deduction for just this year so I don't have to pay back in the future years?

Thanks!

2 Replies
AmeliesUncle
Level 11

I purchased a new truck, and I usually put all Farm expenses on Schedule F, but I don't see where to do the depreciation.

When you enter the vehicle section, it should ask you all of the applicable information, including the information for depreciation (such as the purchase price of the vehicle).  However, if you indicate you want to use the Standard Mileage Rate (rather than Actual Expenses), depreciation is built-in to that, so you won't ALSO be taking depreciation as a separate deduction.

 

If you decide to use Actual Expenses (which includes depreciation) and don't want to 'pay back' the deduction when your vehicle drops to 50% or less, then you would need to choose to use Straight-Line depreciation this year.  However, if I remember correctly, TurboTax is NOT set up for doing that for vehicles.  So if that aspect is important to you, you may need to go to a tax professional.

Will30747
Level 2

I purchased a new truck, and I usually put all Farm expenses on Schedule F, but I don't see where to do the depreciation.

Thank you that is the piece I did not understand. If I take the Standard Mileage Rate I don't get to deduct the entire vehicle cost or the (% of business use of the entire cost).

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