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Vehicle and asset

Is the vehicle section in self employed taxes just to deduct milage and do i need to list my work trucks in as a asset as well

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1 Reply
AnnetteB6
Expert Alumni

Vehicle and asset

The vehicle section in a Schedule C business is to deduct mileage or actual expenses from business use of a car, SUV, or pickup truck.  Generally, this might be your personal vehicle that you use sometimes for business purposes.  A vehicle being claimed in the vehicle expense section of your Schedule C should not also be depreciated as an Asset.  The standard mileage rate includes a depreciation factor and the actual expense method provides depreciation as well.

 

If your work truck is something that is used 100% for business purposes only and is not suitable for everyday transportation, then it should be claimed as an Asset of the business.  An example would be a dump truck used for a business.  It would not typically be driven for any reason other than a business reason.  It would be an Asset, not a vehicle entered in the vehicle expense section.  Actual expenses related to the dump truck such as gasoline and maintenance would be an expense for the business.

 

Take a look at the following TurboTax article for more information that may clarify this further:

 

Business Use of Vehicles
 

 

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