Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
2007stanleycup
New Member

I purchased a new vehicle for business in the middle of the year, how do I add the car and its expenses?

 
1 Reply
Coleen3
Intuit Alumni

I purchased a new vehicle for business in the middle of the year, how do I add the car and its expenses?

You will need to upgrade to enter any business expenses.

If you are deducting expenses for the business use of your vehicle, you enter it under the expense portion of business income. Since this the first year your car is in service, you have the choice of standard miles or actual expenses. 

You can deduct 54.5 cents per mile or actual vehicle expenses (ie. gasoline. oil, tires, maintenance) prorated for business miles.

If you claim the standard mileage rate in year one for this vehicle, you will have the option of deducting the standard rate or actual expenses in subsequent years. If you claim actual vehicle expenses in year one, you must choose actual expenses in every subsequent year for that auto.

To enter vehicle expenses in TurboTax Self Employed:

Type in Schedule C in the search box, top right of your screen

Click on the first category Jump to schedule c link

Follow the prompts and online instructions

  • Arrive at the Your Business page
  • Scroll down to the Business Expense category
  • First category is Business Vehicle Expense
  • Click Start or Update to make your entries

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~