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DSR789
New Member

How to enter Self-Employed Business Vehicle Expenses after becoming a full time employee during the year?

Context:

January through May I was self-employed and have been filing income/expenses as a business. In May I ended that business as I took a full time job. I've indicated that I "Disposed of Business in Current Year" and transferred my assets including my vehicle to 100% personal use at the same time. I'm using TurboTax Home & Business desktop.

 

Question:

When it requests you to enter total mileage driven during the year ("all purposes" and "miles for business") should I be entering mileage for all 12 months even though I stopped driving for my business in May? Or should I only enter mileage from the first 5 months? Similarly, when I enter actual vehicle expenses, should this only be for those 5 months or the entire year? Any help is appreciated, thanks!

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1 Reply
Vanessa A
Employee Tax Expert

How to enter Self-Employed Business Vehicle Expenses after becoming a full time employee during the year?

Yes, you will enter your miles driven for the entire year, then it will also ask miles driven for business.  When you answer the miles driven for business question, those are the only miles you will get any type of deduction for. 

 

For the actual expense you will do the same, enter the total.  Then it will ask about the amount of time you drove it and the expenses will be allocated between business and personal.  

 

Then it will calculate which will be better for you, the standard mileage deduction or the actual expenses.  You will only be able to take one or the other, not both. 

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