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Deductions & credits
was there a trade-in and if so, was the trade-in personal or 100% business?
TT has a special asset entry worksheet for vehicles. if you are an employee (get a w-2), sorry to say. you get no deductions for the use of the vehicle if it's used in that business.
for the self-employed, Corporations, or partnerships, there are rules for how much can be deducted in the first year as depreciation. There are 6 categories for vehicles,
‎July 10, 2021
12:26 PM