Generally no. Anything you buy for your business that has an expected life of more than one year must be depreciated. That means you take a deduction of part of the value over several years, with the time frame depending on the expected life of the item.
There is a special type of depreciation called Section 179, that allows you to depreciate equipment all at once. For vehicles, this is only allowed for commercial vehicles with gross weight over 6000 pounds, it can't be used for vehicles that are or could be personal or dual use, like most cars. Section 179 also has consequences if you stop using the equipment before the end of the original depreciation period, and depreciating any property can lead to a taxable event when you sell it (used, later on).
In turbotax, enter the vehicle as an asset purchase, select vehicle as the type of asset, and answer all the questions. Turbotax will calculate the allowable depreciation. If you are eligible for section 179 or any other special provision, Turbotax will tell you and give you the option.
Generally no. Anything you buy for your business that has an expected life of more than one year must be depreciated. That means you take a deduction of part of the value over several years, with the time frame depending on the expected life of the item.
There is a special type of depreciation called Section 179, that allows you to depreciate equipment all at once. For vehicles, this is only allowed for commercial vehicles with gross weight over 6000 pounds, it can't be used for vehicles that are or could be personal or dual use, like most cars. Section 179 also has consequences if you stop using the equipment before the end of the original depreciation period, and depreciating any property can lead to a taxable event when you sell it (used, later on).
In turbotax, enter the vehicle as an asset purchase, select vehicle as the type of asset, and answer all the questions. Turbotax will calculate the allowable depreciation. If you are eligible for section 179 or any other special provision, Turbotax will tell you and give you the option.