To report the purchase of a work truck in TurboTax, follow these steps:
- Open or continue your return.
- Navigate to the Schedule C section:
- TurboTax Online/Mobile: Go to Schedule C. or go to the magnifying glass at top right of screen and search for Schedule C and select the Jump to link.
- Answer Yes to Did you have any self-employment income or expenses? and answer the questions until you get the Select any expense categories or asset you have screen.
- Select Assets: Choose "Assets" and then "Add an Asset."
- Enter Details: Enter the details of the truck, including the purchase price, date of purchase, and business use percentage
- Section 179 Deduction: You can elect to use Section 179 to deduct the entire cost of the truck in the first year
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