PatriciaV
Expert Alumni

Deductions & credits

Yes, the vehicle should remain a business asset as long as it is used at least 50% for business purposes. You will claim depreciation expense each year (TurboTax will calculate this for you).

 

In TurboTax Business for a Form 1120S return, interest expense is entered under Federal Taxes >> Deductions >> Common Business Expenses >> Interest Expense.

 

 

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