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kayr2
New Member

Where do I enter engine rebuild for Sch C vehicle? The vehicle has been in use for 15 years and is fully deprecated.

 
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3 Replies
JamesG1
Expert Alumni

Where do I enter engine rebuild for Sch C vehicle? The vehicle has been in use for 15 years and is fully deprecated.

Under the self-employment activity, 

 

  • You may need to click Add expenses for this work and select Assets.
  • At the screen Describe This Asset, select Tools, Machinery, Equipment, Furniture.
  • At the screen Tell us a little more, select General purpose tools, machinery and equipment.
  • At the screen How do you want to deduct this item?, you may have depreciation options.

You may also see here.

 

 

 

 

 

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kayr
Level 1

Where do I enter engine rebuild for Sch C vehicle? The vehicle has been in use for 15 years and is fully deprecated.

It's too bad that the asset can't be added to the vehicle section of the return.  I don't think I can take Section 179 on a vehicle engine...  The only option for depreciating the engine under the tools/machinery section is 7 year class life and vehicles are 5 yr class life.

kayr
Level 1

Where do I enter engine rebuild for Sch C vehicle? The vehicle has been in use for 15 years and is fully deprecated.

And thank you for your answer.

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