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Level 1

Where do I enter a vehicle purchased for business?

I'm using Home & Business edition. I only have the oppurtunity to enter in expenses associated with it, but not the purchase of it. Under depreciable assets, turbotax says not to enter vehicles.
6 Replies
Level 1

Where do I enter a vehicle purchased for business?

Your entering the vehicle in the right place.  With the standard mileage deduction, the cost of the vehicle isn't relevant. 

Unless you elect to use actual expenses for the vehicle, you don't enter the cost of the vehicle.  If you answer yes to the question "Do you want to see if your actual business expenses give you a bigger deduction?" you'll enter the purchase price in that interview.

Level 1

Where do I enter a vehicle purchased for business?

I don't see the question "Do you want to see if your actual business expenses give you a bigger deduction'? Where is that question?
Level 3

Where do I enter a vehicle purchased for business?

I was looking for the same thing.  If you purchase a work truck you can use the purchase of the truck and have as an asset using the Section 179 to write it off one time.  In TurboTax on the assets it says don't put vehicles there.  So where do you put it?

Level 20

Where do I enter a vehicle purchased for business?

Start the vehicle expenses section again ( you may choose to delete the vehicle and start again) to get to the actual expenses option : 

Level 3

Where do I enter a vehicle purchased for business?

Thanks that is what I did and there is not place for purchase of it that I can find.

But if you put actual expenses and not miles you can put it there.  But it will not let

you take miles and the cost.  Which is weird.

Appreciate the help.

 

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Level 20

Where do I enter a vehicle purchased for business?

It is the way the IRS rules are ... you can ONLY take the standard mileage rate OR the prorated actual expenses option but NOT BOTH.