Did you report special depreciation or bonus depreciation on the vehicle? It is possible that depreciation recapture may need to be reported. See TurboTax Help.
You are reporting the truck as an asset in your self-employment activity reported on Schedule C Profit or Loss From Business, .
The asset will be a personal asset with the cost basis recorded at the end of the business.
As an example, your cost basis will be the original cost $30,000 less depreciation reported $5,000 equals $25,000.
The standard mileage rate includes an amount for depreciation and reduces the adjusted basis of the vehicle when you decide to sell or otherwise dispose of it.
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