Good day where do you go in turbotax to enter section 179 deduction for truck for schedule C / sole prop business? Truck is over 6000 lbs
I have home and business
When I go into Business Expenses under Business Vehicle Expenses it keeps wanting me to take standard mileage deduction
When I go to Business Assets I see:
Computer Video Photo and Telephone Equipment
Tools Machinery Equipment Furniture
Real Estate
Intangible Other Property
I don't see vehicles or anything there.
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You have to enter the truck in the Business Vehicle Expense section.
Continue through the screens and ensure that you checked the box in the screenshot below.
You have to enter the truck in the Business Vehicle Expense section.
Continue through the screens and ensure that you checked the box in the screenshot below.
You have the choice in the year the vehicle is placed in service to take the standard mileage rate OR the actual expenses + depreciation and/or 179 deduction (currently there is a 100% bonus depreciation which is better than the 179 deduction ... 1check both ways to make an educated choice).
Note that if you take the standard mileage rate you can flip flop between the options in the following years HOWEVER if you start with the actual expenses option you are STUCK with that option until you retire that vehicle.
I can't seem to get to the choice to take the mileage or actual expenses for the vehicle to even get to the depreciation....
I start with
1) Add a Vehicle
Make/Model - Type - Date Began Using Vehicle
2) Vehicle Ownership
3) Vehicle Available for Personal Use - No & Yes I had another vehicle (100% business vehicle)
4) Info about mileage - I Can't seem to get pas any mileage questions to enter actual expenses and depreciation information.
When you say you can't get past the mileage question, what do you mean? What is happening?
Double check your entries in the milage to be sure your total miles driven are not less than your miles for business and your commuting miles total.
If your screen is frozen, you can try signing out, clearing cache and cookies and then going back into the vehicle section. You can also delete the vehicle before signing out and then clear the cache and cookies. Then after you sign back in, you can re-enter the vehicle.
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