My 1120S business owns a truck, purchased in 2015 and is fully depreciated.
I list the truck in TurboTax Business (desktop) as an Asset. I also enter Vehicle Expenses (fuel, tires, insurance, etc) in the Business Expenses screen. I sometimes use the truck for non-business trips, about 15%, so it's listed property.
In the IRS instruction for 4562 Part V Listed Property, they state "if you claim actual vehicle expenses (including depreciation)..., you must provide the information reqested in Part V, regardless of the tax year the property was placed in service."
I think that means I need to file 4562, section V, and fill out Section B lines 30-36, even though the truck is fully depreciated.
However, TurboTax didn't include 4562 in my return .
Am I misunderstanding the IRS instructions? Or is there something in TurboTax that triggers this form and I missed it?
Thank you!
