Yes, TurboTax automatically calculates Depreciation for your vehicle after you complete the Vehicle Expenses section under the category where you report the vehicle.
To find this section in TurboTax, open your return, then go to My Account >> Tools >> Topic Search. Type in "vehicle expenses", then click the topic in the list that applies to your expenses (self-employed, job-related, rental, etc.) Click GO to go directly to the start of this section.
If you have already started this section, continue to the summary screen, then click "Start/Update" to the right of "Vehicle Expenses." Click "Edit" to the right of the vehicle you wish to review (or add a new vehicle).
The information you enter (date of purchase, cost, mileage) is used to calculate the allowable depreciation for your vehicle. If you take the Standard Mileage Deduction instead of actual expenses, depreciation is included in the standard mileage rate.
Note: If you are removing a vehicle, you may be asked for the depreciation equivalent. If so, see this post: What is the Depreciation Equivalent?
[revised 2/3/17 for navigation]
Yes, TurboTax automatically calculates Depreciation for your vehicle after you complete the Vehicle Expenses section under the category where you report the vehicle.
To find this section in TurboTax, open your return, then go to My Account >> Tools >> Topic Search. Type in "vehicle expenses", then click the topic in the list that applies to your expenses (self-employed, job-related, rental, etc.) Click GO to go directly to the start of this section.
If you have already started this section, continue to the summary screen, then click "Start/Update" to the right of "Vehicle Expenses." Click "Edit" to the right of the vehicle you wish to review (or add a new vehicle).
The information you enter (date of purchase, cost, mileage) is used to calculate the allowable depreciation for your vehicle. If you take the Standard Mileage Deduction instead of actual expenses, depreciation is included in the standard mileage rate.
Note: If you are removing a vehicle, you may be asked for the depreciation equivalent. If so, see this post: What is the Depreciation Equivalent?
[revised 2/3/17 for navigation]