I have two separate businesses that I report on Schedule C. I have a new truck (purchased in 2018 at $62,000) that I am using 100% for business. I don't understand how to enter the truck on the two Schedule Cs. Do I divide the cost in half & enter $31,000 on each Schedule C?
Any other advice is also appreciated.
Yes - Since you use the truck for both businesses, divide the cost of the truck by the amount of use for each business. If it's used equally, $31k for each business.
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