Purchased Used Truck

[Lisaj2]

I am self-employed and file Sch C where on the Sch C do I record the Purchase of a used truck? $14,000 used 75% business and 25% personal.  I paid for the truck with profit from company.  Can I show this $14,000 as an expense on my Sch C? 

Thank you for any help I receive. 

[JosephS1]

Yes you can enter the truck as part of your Schedule C.  You can choose to enter the truck for depreciation purposes and detailed costs for operating the truck such as gas, tires, oil, repairs, etc.  You can also choose to just take a mileage allowance for the expense if you believe the mileage allowance would grant a higher deduction. If you choose the standard mileage rate you must choose it in the first year you use the vehicle for business.  In later years you can choose between the standard mileage rate and actual costs.

The steps to enter the truck are shown below:

1. Go to the Wages and Income section under the Federal tab.
2. If you have already entered the information for your business, locate the listing for Self-Employment Income and Expenses and click on Edit/Add
3. If you have not already entered your business information, scroll down to where is shows Self-Employment and click on Show more and answer the questions.
4. Locate your business and click on edit if you have already previously entered or add expenses if you have not.
5. There will be a number of expenses listed, to add the truck, scroll down to Vehicle and continue from there.  There will be a substantial number of questions to answer so please have patience as we want to be sure you receive the highest deduction available to you.

Put a checkmark in the box to the left of Vehicle and then scroll down and click Continue.  You will see the vehicle bar showing on the right and then click on Start and begin to answer the questions.

Can I Switch between standard mileage and actual costs?

Self-Employed Business Expenses

@Lisaj2

[Mike9241]

using either179 or special depreciation your deduction is limited to $10,500 the business portion of the cost.