I purchased a vehicle for my company that is over the weight limit and cannot find in turbo tax where to put it in my expenses

[olbaid_83]

I bought a 2019 ford expedition for $31000 and would like to deduct the entire cost of the vehicle instead of standard mileage deduction

[ThomasM125]

You need to navigate to the business section where you enter your business income and expenses. This will vary depending on which version of TurboTax you are using. Edit your business entries and on the screen that says Your (Name of Business) Business, choose the Business Vehicle Expense option:

On the asset entry screen, make sure you indicate that it is a Heavy SUV over 6,000 lbs:

Work through that section where you will be asked to enter your vehicle expenses and if you want to use the expensing option for the cost of the vehicle. You must answer "yes" when asked if you want to deduct actual expenses or use the mileage allowance.

There are limits to how much you can deduct in the year that you purchase a vehicle in 2024, so it is unlikely that you will get a deduction for the full purchase price of your vehicle.