KrisD15
Expert Alumni

Deductions & credits

The vehicle should be entered by 

Updating the Business Income and Expenses

Edit the Business

Business Vehicle Expenses under Business Expenses

Initial you would select "Add a Vehicle" but if the vehicle was already entered, click Edit next to the vehicle listed 

Here you will enter actual expenses, mileage and then choose between the two for expensing.

 

If you choose Standard Mileage, you don't see the depreciation number, depreciation is built into the mileage. 

In 2022, you deduct 58.5 cents for every mile and of that, 26 cents is depreciation.

 

If you choose Actual Expenses, the program will compute the depreciation on the value of the vehicle. 

You will have Form 4562 in your tax file showing the depreciation. 

 

You need to keep track of depreciation for the time you sell or covert the vehicle to personal use. 

 

 

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