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Deductions & credits
Under current tax law, the special depreciation allowance may allow you to deduct 100% of the basis of an asset in the current year.
The special depreciation allowance can be found at the screen How much do you want to deduct for the business use of this vehicle? At the bottom of the screen, you may select I'll take the special depreciation allowance.
In TurboTax Online Self-Employed, follow these directions to find this page.
- Down the left side, click Federal.
- Click on Income & expenses.
- Under Your income and expenses, click on Edit/Add to the right of Self-employment income.
- Click on Edit next to the business name.
- To the right of the vehicle expenses, click Edit.
- Under Vehicle Summary, click Edit to edit the entries. Click Delete to delete the entries.
- Continue through the pages.
- At the screen Based on the miles you drove, your standard mileage deduction is, click on I'll enter my actual expenses.
- Continue through the pages to the screen How much do you want to deduct for the business use of this vehicle? At the bottom of the screen, you may select I'll take the special depreciation allowance.
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‎February 8, 2021
9:29 AM
11,402 Views