Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
hntrust
Level 3

Schedule C and Form 4562 (Depreciation)

On schedule C, TurboTax did not fill out Part IV for using the standard mileage rate  for my car that I use sometimes for business. Instead it filled out form 4562 Part V, section B (Information on Use of Vehicles). On Schedule C Part II line 9, the correct entry was made for Car and truck expenses. I am not claiming any depreciation for the car but I am depreciating another asset that was placed in service for 2019. Is that why form 4562 was used for the car expenses? In prior year when I had no assets to depreciate, TurboTax just put the car mileage on Schedule C Part IV.  I just want to make sure the entries were done correctly for 2019 and won't raise a red flag. Thanks

1 Best answer

Accepted Solutions
ThomasM125
Expert Alumni

Schedule C and Form 4562 (Depreciation)

You are correct! If there is a depreciation form 4562 included with your return, the mileage will show up there. Otherwise, it shows on the schedule C.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
ThomasM125
Expert Alumni

Schedule C and Form 4562 (Depreciation)

You are correct! If there is a depreciation form 4562 included with your return, the mileage will show up there. Otherwise, it shows on the schedule C.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v