2368079
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

robert13meyer
Returning Member

Van

I purchased a van this year for 27,000. I have a small business. Can I write off the total cost the 1st year?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Van

You may be able to to do so, but it will depend on several factors: 

If it's directly related to the work you do, you can deduct it as an expense.

Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on. For example, if you made $50,000 in self-employment income and had $5,000 out-of-pocket expenses, you'd only get taxed on $45,000.

For state-specific questions regarding your work, click here to find your state’s Department of Revenue.

 

Reference: https://ttlc.intuit.com/community/self-employed/help/what-self-employed-expenses-can-i-deduct/00/255... 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question