2029992
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

sbkcpa
Returning Member

I want to depreciate a van purchased for business on Schedule F, but vehicles are not a choice.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies
ColeenD3
Expert Alumni

I want to depreciate a van purchased for business on Schedule F, but vehicles are not a choice.

It has its own category. Please see the screenshot below.

 

sbkcpa
Returning Member

I want to depreciate a van purchased for business on Schedule F, but vehicles are not a choice.

I am using Turbo Tax Deluxe, and I don't see those choices.  I just chose "asset other" and picked a 5 year life.

JamesG1
Expert Alumni

I want to depreciate a van purchased for business on Schedule F, but vehicles are not a choice.

IRS Form 1040 Schedule F is supported by TurboTax Online Self-Employed according to this TurboTax comparison.  Scroll down the left side and look for 'Schedule F'.

 

Vehicle expenses are reported in Part II line 10 of Schedule F.

 

A van would be subject to the listed property rules.  Reporting the asset in this way may circumvent the listed property rules. IRS publication 946 defines listed property below.

 

What Is Listed Property?

Listed property is any of the following.

  • Passenger automobiles (as defined later).
  • Any other property used for transportation, unless it is an excepted vehicle.
  • Property generally used for entertainment, recreation, or amusement (including photographic, phonographic, communication, and video recording equipment).

Listed property is equipment or assets that have both a personal use and business use.  The IRS is concerned that deductions related to these assets can be misused.  A good explanation is here.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
sbkcpa
Returning Member

I want to depreciate a van purchased for business on Schedule F, but vehicles are not a choice.

The van is not a passenger van it is a Sprinter Cargo Van.  Is this still considered listed property?

JeffreyR77
Expert Alumni

I want to depreciate a van purchased for business on Schedule F, but vehicles are not a choice.

Yes, it is still considered listed property. 

 

You can depreciate the Sprinter van if you select the vehicle expense in TurboTax Home and Business or Self-Employed and choose to see if actual expenses will give you a better deduction. 

 

Depreciation is not allowed with standard mileage method of claiming vehicle deduction. 

 

Electing actuals will also allow you to claim Section 179 or the Special Deprecation Allowance for first year in service which could significantly reduce your tax liability.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question