Can I depreciate the extended warranties and gap insurance I purchased as part of the total price I paid for my new business vehicle?

fieldhomeinspect — Thu, 06 Jun 2019 14:29:32 GMT

You can deduct, not depreciate the cost of the extended w...

DanO — Thu, 06 Jun 2019 14:29:34 GMT

You can deduct, not depreciate the cost of the extended warranties and gap insurance in proportion to the percent of usage of your vehicle for work.

You would need TurboTax Home & Business CD/Download or TurboTax Self-Employed Online to enter your business expenses in your Schedule C.

For Home & Business

Sign into TurboTax

Go to search box and enter schedule c and click find

Click on Jump to schedule c
Click Edit on your business
Scroll down to Business Expenses
Click on Vehicle Expenses for vehicle information and other expenses
Click Other Common Expenses for warranty and insurance under Other Miscellaneous Expenses

For Self-Employed

Sign into TurboTax

Click on Take me to my return
Click on Search at top right and enter schedule c
Click on Jump to schedule c
Click on Edit for your business
Scroll down to Add expenses for this work and click
Click on Less common expenses
Scroll down to vehicle and click on button and Continue
Follow instructions

topic Can I depreciate the extended warranties and gap insurance I purchased as part of the total price I paid for my new business vehicle? in Get your taxes done using TurboTax

Can I depreciate the extended warranties and gap insurance I purchased as part of the total price I paid for my new business vehicle?

You can deduct, not depreciate the cost of the extended w...