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I added a new truck greater than 6000lb for 100% business use at the end of December. Where is depreciation captured, as a business asset or under bus. veh. expenses?
I bought the truck 12/27, it was supposed to be delivered in January, but arrived early. The vehicle cost was $63K. The truck is primarily used to pull trailers with tractors and other equipment. When I enter the minimal expenses I had for the year in the Business Vehicle Expense section, I get a deduction of $473. Is this all I get or am I supposed to add it as a Business Asset also for the depreciation component? Under Business Asset I do not see an option for vehicles.
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‎April 14, 2024
4:12 PM