My husband started a trucking business he bought a semi truck and trailer. Do I add the semi information under the vehicle expense and the trailer under the deprecation?
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Do you have a TurboTax Online account?
We'll help you get started or pick up where you left off.
My husband started a trucking business he bought a semi truck and trailer. Do I add the semi information under the vehicle expense and the trailer under the deprecation?
My husband started a trucking business he bought a semi truck and trailer. Do I add the semi information under the vehicle expense and the trailer under the deprecation?
No. Both the semi truck and the trailer are separate assets, and the purchase costs of each will need to be depreciated.
The operating expenses for the semi can be reported under vehicle expense.