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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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March 2, 2025
10:45 AM