JamesG1,
In very late December of 2020, I purchased a used semi truck and a used semi trailer and also purchased $9448.00 worth of replacement parts + labor to bring both up to "road ready" to prevent break downs while on the road. Purchase price for Truck = $22,800. Purchase price for trailer = 1095.00. Total Investment = $43,198.00
I have not filed a separate "C corporation" yet as I have just landed my first contract to put both truck & trailer to work next month. I would like to claim these as a sole proprietor for 2020. Where may I claim both business investments and these business expenses in Turbo Tax Home & Business 2020. Thank you very much for your expert advice.
BobBuilder1103
