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amaranth32
Returning Member

If i use the same car for multiple businesses, turbo tax asks me the same questions for each business. Will it count my info over and over as if i have multiple cars?

For example, it will ask me expenses for my car like interest paid on car. if I enter it for every business will it count it multiple times?
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1 Reply
Vanessa A
Employee Tax Expert

If i use the same car for multiple businesses, turbo tax asks me the same questions for each business. Will it count my info over and over as if i have multiple cars?

If you use the same car for multiple businesses, then you would allocate the expenses based on the percentage of use for each vehicle.  So, if you have 3 businesses and you use the car 25% for one, 25% for the next and 50% for the last, and you paid $1,000 in interest during the year, you would claim $250 for the first, $250 for the second and $500 for the third.

This will keep it from counting an expense multiple times.

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