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business asset
What catagory in business asset is for purchased of a car?
1. Tools, Machineries, Equipments, Furnitures
2. Real Estate properties
3. Intangibles or other property
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business asset
Do not use the Business Assets section for your car.
Use Business Vehicle Expense in the Business Expenses section instead.
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business asset
Vehicle. In TurboTax, vehicles are entered into their own section in the expense section. Don't enter it in the asset section (although, it will end up there).
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business asset
So I can't get deprication or section 179 of the vehicle i bought for my business?
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business asset
Depreciable Assets: Personal property, such as cars, furniture, or equipment
I can or I cant depreciable the vehicle?
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business asset
Yes, you can. But the entry is in the expense section. TurboTax will walk you through the vehicle entry. You will have the option of taking the standard mileage deduction (which includes depreciation) Or you can take the actual expenses. In either case, TurboTax will handle reporting the depreciation on the asset. You will be asked about depreciation when you go through the interview options.
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