Business & farm

See https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses...

 

You may want to clarify the type of business structure you have, such as a sole proprietorship/single-member LLC, multi-member LLC (the LLCs with or without an election to be treated as a corporation). You stated that you are using "TT for business" which is ambiguous. Are you using TurboTax Business or another product? TurboTax Business is strictly for the preparation of income tax returns for entities.

 

Also, note that your entire lease payment is not deductible if there was personal use so you might want to state whether you, in fact, deducted the entire payment on your prior returns. Moreover, the entire lease payments are not the equivalent of depreciation (although that would be a component thereof).

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