TurboTax will determine the correct depreciation options for your vehicle when you complete the interview for Vehicle Expenses.
- If you use this vehicle for your job, enter this under Deductions & Credits >> Employee Expenses.
- If you use this vehicle for your self-employed business, the Vehicle Expenses will be reported on Schedule C (Business Income & Expenses).
- If used for a rental property, include these expenses on Schedule E (Rental Properties & Royalties).
The easiest way to
find any section of TurboTax is to use the
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Or go to
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For reference, automobiles and most trucks have a recovery period of 5 years under MACRS, using a half-year convention, calculated as a 200% double-declining balance. TurboTax uses it's own code for this MACRS class.
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