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Can I leave Vehicle Basis blank? This wasn't asked last year, but is now and I do not know what to put...

Why can"t I see the actual forms any longer? ex. Schedule C.
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DianeW777
Expert Alumni

Can I leave Vehicle Basis blank? This wasn't asked last year, but is now and I do not know what to put...

No, you should not leave it blank.  You should use in the fair market value (FMV) of the vehicle when it was placed in service for business use. If you're not sure you can use Kelly Blue Book or similar site to get a number. The actual cost or FMV whichever is lower is used on the day placed in service.

 

You can see the forms once you have most of your information entered. You have access to all forms when you choose to print your return in TurboTax Online/Mobile.  However you are required to pay before printing, but do not have to file until you are ready.

If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.

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Can I leave Vehicle Basis blank? This wasn't asked last year, but is now and I do not know what to put...

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