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,