My LLC purchased a vehicle for work in 2021, can this amount be deducted from Idaho State Income?
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Idaho conforms to Internal Revenue Service depreciation rules with regard to vehicles used in a business. You can take a deduction on your Idaho personal income tax return for a vehicle to the extent it is used in a business that you own based on the allowed treatment of the vehicle deduction on your federal tax return.
The allowed deduction for the cost of a vehicle used for business purposes varies depending on the type of vehicle, the percent of business versus personal use of the vehicle, the income of the business and a variety of other considerations.
When you enter your business income and expenses in the federal section of TurboTax, you will see a section for vehicle use, you need to complete that section and the vehicle expenses will flow down to your Idaho return.
In my TT Business 2022 - there is no question to ask me about purchase of a vehicle for the business except for an alternative fuel type. How do I get this into the software?
It depends on what type of business you made the purchase for. If you file your business on a Schedule C, you can add your vehicle as an asset purchased by your business.
To do this in TurboTax Online you can follow these steps:
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