For vehicles used in your business you can either take mileage or actual expenses.
- If you choose to take mileage, depreciation is taken into consideration in the mileage rate.
- If you choose to take actual expenses, TurboTax will automatically calculate the deduction and include it with the other vehicle expenses. To find the depreciation amount, just subtract the expenses you entered from the total expense displayed.
As you go through the interview, TurboTax will first calculate the standard mileage deduction and then ask if you would like to see if actual expenses would give a higher deduction. You will have the opportunity to enter the expenses (gas, tires, etc.) and TurboTax will add these along with the depreciation and give you a comparison.
@ch59
