If the truck is for personal use, then you can not deduct its purchase. However, if the truck will be used by your business, then: To enter your vehicle purchase expenses, please follow the instructions below:Go to the Federal Taxes tabClick Edit next to Self-employment income and expensesClick Edit next to your company nameOn the next screen, scroll down to the Expenses section and click Add Expenses for this workOn the "Tell us about any expenses for your business" page, scroll down and select Vehicle and then Continue.Answer Yes to Did you use a car or truck for your business?Proceed through the interview to enter your vehicle information and mileage information.Once you get to the "You've got a standard mileage deduction…" screen, click Yes to enter your actual expenses.Proceed through the rest of the interview to complete your vehicle expenses.

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tcgolf21

Level 1

Solved

Can I deduct the purchase of a new truck

Forum|Forum|7 years ago
June 1, 2019
1 reply
18 views

No text available

TurboTax Self Employed Online

Best answer by TomK2023

If the truck is for personal use, then you can not deduct its purchase. However, if the truck will be used by your business, then:

To enter your vehicle purchase expenses, please follow the instructions below:

Go to the Federal Taxes tab
Click Edit next to Self-employment income and expenses
Click Edit next to your company name
On the next screen, scroll down to the Expenses section and click Add Expenses for this work
On the "Tell us about any expenses for your business" page, scroll down and select Vehicle and then Continue.
Answer Yes to Did you use a car or truck for your business?
Proceed through the interview to enter your vehicle information and mileage information.
Once you get to the "You've got a standard mileage deduction…" screen, click Yes to enter your actual expenses.
Proceed through the rest of the interview to complete your vehicle expenses.

TomK2023Answer

Alumni - Intuit

If the truck is for personal use, then you can not deduct its purchase. However, if the truck will be used by your business, then:

To enter your vehicle purchase expenses, please follow the instructions below:

Go to the Federal Taxes tab
Click Edit next to Self-employment income and expenses
Click Edit next to your company name
On the next screen, scroll down to the Expenses section and click Add Expenses for this work
On the "Tell us about any expenses for your business" page, scroll down and select Vehicle and then Continue.
Answer Yes to Did you use a car or truck for your business?
Proceed through the interview to enter your vehicle information and mileage information.
Once you get to the "You've got a standard mileage deduction…" screen, click Yes to enter your actual expenses.
Proceed through the rest of the interview to complete your vehicle expenses.