business asset
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
Returning Member

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

5 Replies
Level 15

business asset

Do not use the Business Assets section for your car.

 

Use Business Vehicle Expense in the Business Expenses section instead.

Employee Tax Expert

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).   

 

Where do I enter my self-employment business expenses, like home office, vehicle mileage, and suppli...

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

business asset

So I can't get deprication or section 179 of the vehicle i bought for my business?

Returning Member

business asset

 Depreciable Assets: Personal property, such as cars, furniture, or equipment

I can or I cant depreciable the vehicle?

Employee Tax Expert

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.  

 

 

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