Hi! I've been searching the forums and haven't found the answer to this question. I'm using Turbo Tax Home & Business and I am working on my vehicle expenses for my 2022 tax return. Here is my situation:
1. I purchased a new vehicle in 2022 (over 6000 lbs GVWR) and it was used 100% for business in 2022
2. When entering in the "Actual Expenses" into turbo tax it asks for the purchase price and the date the vehicle was purchased and put into service.
3. It does not give me any options on how I want to depreciate the vehicle such as taking advantage of the bonus depreciation under section 168.
4. What is happening is that is giving me 5% of the purchase price as depreciation. I discovered this by entering in no other actual expenses other than a purchase price, and the actual expenses deduction shown was 5% of the purchase price. I entered in other purchase prices to see what happened, and they all resulted in an actual expenses deduction of only 5% of the purchase price... ?
Am I missing something.... is there another section in Turbo Tax Home and Business to take this type of deduction? I am filing as a single member LLC, so my understanding is that this Turbo Tax version is appropriate, and is the one I have used last year. The only difference is that I need to know how to elect the correct depreciation option in Turbo Tax for my situation, and I see nowhere how to do that?
I've seen other similar questions to this, so hopefully this will benefit others as well.
Thanks!
