Hi,
I paid two different CPAs for the last 2 years. For both the years' my business' car that I purchased in 2017, they had entries for Schedule C #9 (Car and Truck Expenses) AND #13 (taken from the form 4562 depreciation section V). This year, my small business situation remained unchanged so I thought of trying out TurboTax. No matter what I do on the software, I am unable to get numbers in both the #9 and #13 for my Schedule C. It is impossible that two CPAs were wrong. I want to know what selections I should do so I can have non-zero values in Car and Truck expenses in #9 AND in Depreciation #13 in Schedule C. I am doing something wrong; please help by guiding me...
Thanks!
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Did you enter your information in the vehicle section?
Did you indicate that you are using the Actual Expenses, and that you can NOT use the Standard Mileage Rate?
Did the business percentage of your vehicle drop significantly from prior years?
When it comes to business vehicle use, you must chose between the "per mile" deduction or actual expenses. Once you chose a method in that first year you can't change it in later years without a ***LOT*** of paperwork. So first you need to determine what's been used in the past; per-mile deduction or actual expenses?
Until you let us know, it's a waste of your time to try and pursue further.
Thanks!
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