topic Re: I started a business in 2024 but just used my personal vehicles for business 30% of the time. What do I put for vehicle basis? in Business & farm

I started a business in 2024 but just used my personal vehicles for business 30% of the time. What do I put for vehicle basis?

nhillmer49 — Wed, 04 Feb 2026 08:02:12 GMT

schedule c what is investment at risk box mean?

Re: I started a business in 2024 but just used my personal vehicles for business 30% of the time. What do I put for vehicle basis?

VolvoGirl — Sat, 18 Oct 2025 21:35:37 GMT

Schedule C line 32 - at Risk Investment. If you don't know what it means then probably All your Investment is at Risk (check Box 32a). It means you are using your own money for the business. So you need to check 32a all investment is at risk. If you have money not at risk you can not take a loss on schedule C.

And some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year. And you have to answer yes to both questions about exclusive and regular use, not just one. The area of your home office must be used regularly and exclusively for business to deduct it.

Re: I started a business in 2024 but just used my personal vehicles for business 30% of the time. What do I put for vehicle basis?

Mike9241 — Sun, 19 Oct 2025 08:08:44 GMT

for vehicle cost it's the lower of your actual cost or fair value when placed into service. you only need this if you take depreciation. you can instead use the standard mileage deduction.