business asset

[LifeSpan]

What catagory in business asset is for purchased of a car?

1. Tools, Machineries, Equipments, Furnitures

2. Real Estate properties

3. Intangibles or other property

[tagteam]

Do not use the Business Assets section for your car.

Use Business Vehicle Expense in the Business Expenses section instead.

[DawnC]

Vehicle.   In TurboTax, vehicles are entered into their own section in the expense section.   Don't enter it in the asset section (although, it will end up there).   

Where do I enter my self-employment business expenses, like home office, vehicle mileage, and suppli...

[LifeSpan]

So I can't get deprication or section 179 of the vehicle i bought for my business?

[LifeSpan]

 Depreciable Assets: Personal property, such as cars, furniture, or equipment

I can or I cant depreciable the vehicle?

[DawnC]

Yes, you can.  But the entry is in the expense section.   TurboTax will walk you through the vehicle entry.  You will have the option of taking the standard mileage deduction (which includes depreciation)  Or you can take the actual expenses.  In either case, TurboTax will handle reporting the depreciation on the asset.    You will be asked about depreciation when you go through the interview options.