business vehicle

[mcieric]

Where do I enter a new vehicle purchase info for a rental LLC business in Turbotax business?  The truck is titled under the business.

[ThomasM125]

If you are a single-member LLC you would report your rental income on your personal tax return schedule E as follows:

On the screen that says Review Your (name of rental) Rental Summary, you need to click on the option that says Vehicle Expenses. In that section you will see an option to enter your vehicle information. You will see the review screen after you enter the basic information for your rental property.

{edited 3/25/24 at 4:21 PM PST] @mcieric 

[mcieric]

I think you are in the Home and Business personal taxes?

I'm trying to find where I enter it for the LLC in the intuit Business program?

[mcieric]

it is a Partnership, more than one owner.

[ThomasM125]

For a multi-member LLC, you will report the rental income and expenses using the Business TurboTax product and it will appear on a Form 8825. 

In the rental section, on the screen that says Your (name of rental) Income and Expense look for the option that says Rental Real Estate Assets (Depreciation). There is an option there for entering assets for the rental activity. Choose that option and later you will see an option to enter vehicles. 

If you use the vehicle for other activities in the partnership as well, you need to enter the vehicle similarly in those sections.  You would report the mileage for each business activity and the total mileage and that is how the cost of the vehicle would be allocated to the different activities.

[Edited 3/29/24 at 6:25 AM PST] @mcieric 

[mcieric]

that says it is only for vehicle expenses NOT related to the rental business?

[mcieric]

Also, no place to put in cost of vehicle for depreciation?

[mcieric]

please help??

[DaveF1006]

Yes, here is where you will enter your vehicle as an asset to be depreciated.

1. Open your partnership return on your computer.
2. Go to federal taxes
3. Deductions
4. Depreciation of Assets
5. Assets
6. As you record information about the vehicle, there will be a section where you will enter the cost.
7. Depreciation standard for Business Vehicles is 5-years.

Depreciation-IRS

@mcieric 

[mcieric]

Thankyou, however I stop at step #4, as there is nothing that says "depreciation of assets"  I have looked multiple times and still cant find it.

[DaveF1006]

You mentioned to ThomasM125 earlier you were working in the Turbo Tax Business program. Since you have multiple partners, you should be in the Turbo Tax Business Program preparing a Partnership 1065 return. If I am mistaken, please let me know.

This was the page I was referring to in the Turbo Tax Business Product that follow the menu path I gave you. if you are working in a Turbo Tax personal product, you need to to switch to the Business product to properly file your business return. Here is what the screen looks like in a business return. The assets you will record here includes a business vehicle. Follow the prompts.

If you have additional questions, please reach out.

@mcieric

[mcieric]

yes i am using the business program, under deductions I only have the following to chose from:

Rental Real Estate Expenses

Compensation and Benefits

Business Expenses

Items you can skip

None of these have Depreciation of Assets

[PatriciaV]

Since you are adding a vehicle for a Rental Property, chose "Assets (associated with rental property)" under Federal Taxes >> Deductions >> Rental Real Estate Expenses.

@mcieric 

[mcieric]

I'm 100% sure that direction is incorrect!  the vehicle would not be an asset tied to just one of the rental properties.  Where do you enter this, and it applies to the business in its entirety?  I have now sent multiple request and only received incomplete or incorrect responses, getting very frustraded.  Is there someone I can talk to?

[RobertB4444]

When you went through the interview at the beginning of the process of setting up your business in TurboTax there were several questions about whether your business had assets to depreciate and things of that nature.  One of those questions got answered incorrectly.  So the system doesn't think you need to depreciate an asset and has removed the option for your convenience.  

Try typing 'add an asset' or 'depreciate an asset' in the search bar at the top right and seeing if a 'jump to' link appears.  If it does, click on it and you'll be all set.  If not then you need to go back to the 'business info' section from the beginning and walk through all of those questions again and double check your answers.  Getting those questions answered properly will cause the depreciation option to show up in your deductions section.

You can talk to live support at TurboTax anytime.  Here is how to contact them.

@mcieric