DavidD66
Expert Alumni

Self employed

If you've already entered the 1099-NEC, do not enter the 1099-K.

 

You can report a business deduction for your vehicle in one of two ways.  You can choose to use either the actual expense method or the standard mileage rate method.   If you choose the actual method, your cost is the total cost of the vehicle, not the amount financed.  Based on the information you provided above, the correct cost would be $41,962.    

 

For more information on the business use of a vehicle see the following TurboTax Help article:  Business Use of Vehicles 

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