To enter a vehicle for your business in TurboTax Home & Business, first set up your business. Once you have created your business, click on "Business Expenses" and select "Business Vehicle Expense". TurboTax will guide you through setting up your business vehicle.
As for how your report the expense and in what year, you will set up the truck as an asset that costs $130,000. You
either Start or Update. If you haven't already, answer the annual election questions, and then select "Add an Asset" from your Business Asset Summary. You expense the truck by depreciating it (it doesn't matter how or when you paid for it). You will have some options how to depreciate your truck electing bonus depreciation, and/or Section 179 expense. For more information on depreciation expense, see the TurboTax Help article: Depreciation of Business Assets and IRS Publication 946 How to Depreciate Property.
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