- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Yes, you can.
You can deduct 54 cents per mile (which includes depreciation) or actual vehicle expenses (ie. gasoline. oil, tires, maintenance, depreciation) prorated for business miles.
If you claim the standard mileage rate in year one for this vehicle, you will have the option of deducting the standard rate or actual expenses in subsequent years. If you claim actual vehicle expenses in year one, you must choose actual expenses in every subsequent year for that auto.
To report your vehicle expenses in TurboTax Self Employed:
Type in schedule c in the search box, top right of your screen
Click on the first category Jump to schedule c link
Follow the prompts and online instructions
Arrive at the Your Business page
Scroll down to the Business Expenses category in which you will see in the first category,
Business Vehicle Expense (where you will enter your vehicle/mileage deductions)