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Deductions & credits
Not sure why you still have a basis left to depreciate if you have been depreciating the vehicle since 2016. Vehicles depreciate over a five-year period, and thus, you should have already recovered your vehicle cost. TurboTax may be operating under the assumption that you have already recovered the cost of your business vehicle and there is nothing left to depreciate.
Yes, you can deduct all costs, except depreciation, associated with the business use of your vehicle. If you use the vehicle for personal, non business use, then keep separate records for each specific use. You need to track your business miles, but you also need to track personal miles as well because the vehicle is mixed use.
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March 8, 2023
12:45 PM