The truck would be reported as an asset within a self-employment activity. Depreciation on the asset may be reported.
Within TurboTax Premier Online, follow these steps:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click on the drop down arrow to the right of Self-employment.
- Click to the right of Self-employment income and expenses.
- At the screen Your 2024 self-employed work summary, select Edit.
- At the screen Here's your info, click on the pencil icon to the right of Assets.
- Follow the prompts to establish the asset and report depreciation.
You may be reporting another type of business enterprise. If this does not completely answer your question, please contact us again and provide more information.
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