Solved: Vehicle expenses topic does not calculate depreciation, where do I find it?
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dan13
New Member

Vehicle expenses topic does not calculate depreciation, where do I find it?

cannot find where to calculate depreciation for business vehicle placed in service 2016.  It's not in Business Vehicle Expenses that I can find..

1 Best answer

Accepted Solutions
IreneS
Intuit Alumni

Vehicle expenses topic does not calculate depreciation, where do I find it?

 

For vehicles used in your business you can either take mileage or actual expenses.

  • If you choose to take mileage, depreciation is taken into consideration in the mileage rate.
  • If you choose to take actual expenses, TurboTax will automatically calculate the deduction and include it with the other vehicle expenses.  To find the depreciation amount, just subtract the expenses you entered from the total expense displayed.

As you go through the interview, TurboTax will first calculate the standard mileage deduction and then ask if you would like to see if actual expenses would give a higher deduction.  You will have the opportunity to enter the expenses (gas, tires, etc.) and TurboTax will add these along with the depreciation and give you a comparison. 

 

If you are talking about vehicles other than road vehicles (tractors, etc.), you should enter these as depreciable assets. To enter these items, please follow these steps:

 

  1. Click on the Business tab > Continue > I'll choose what to work on
  2. In the Business Income and Expenses section, click the Start/Update button.  
  3. If you have already started adding information about your business, you will see the screen Here’s the business info we have so far.  Click on the Edit box next to the business.  
  4. If you haven't already started adding business information, continue through the screens to enter the needed information.
  5. You will now be on the Your [XX] Business screen.  
  6. Go to the Business Assets section and click on the Start/Update box.
  7. Follow through the interview screens, entering the requested information.

[Edited | 4/10/2020 |  9:06am PDT]

 




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5 Replies
IreneS
Intuit Alumni

Vehicle expenses topic does not calculate depreciation, where do I find it?

 

For vehicles used in your business you can either take mileage or actual expenses.

  • If you choose to take mileage, depreciation is taken into consideration in the mileage rate.
  • If you choose to take actual expenses, TurboTax will automatically calculate the deduction and include it with the other vehicle expenses.  To find the depreciation amount, just subtract the expenses you entered from the total expense displayed.

As you go through the interview, TurboTax will first calculate the standard mileage deduction and then ask if you would like to see if actual expenses would give a higher deduction.  You will have the opportunity to enter the expenses (gas, tires, etc.) and TurboTax will add these along with the depreciation and give you a comparison. 

 

If you are talking about vehicles other than road vehicles (tractors, etc.), you should enter these as depreciable assets. To enter these items, please follow these steps:

 

  1. Click on the Business tab > Continue > I'll choose what to work on
  2. In the Business Income and Expenses section, click the Start/Update button.  
  3. If you have already started adding information about your business, you will see the screen Here’s the business info we have so far.  Click on the Edit box next to the business.  
  4. If you haven't already started adding business information, continue through the screens to enter the needed information.
  5. You will now be on the Your [XX] Business screen.  
  6. Go to the Business Assets section and click on the Start/Update box.
  7. Follow through the interview screens, entering the requested information.

[Edited | 4/10/2020 |  9:06am PDT]

 




**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

dan13
New Member

Vehicle expenses topic does not calculate depreciation, where do I find it?

TurboTaxIrene - I need the depreciation, getting the mileage deduction was easy, but cannot find vehicle depreciation calculation anywhere. Schedule C, line 13 needs to be filled in.
IreneS
Intuit Alumni

Vehicle expenses topic does not calculate depreciation, where do I find it?

If you're taking standard mileage, you can't also take depreciation.  The depreciation line (line 13) is for depreciation on assets other than your car.
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dan13
New Member

Vehicle expenses topic does not calculate depreciation, where do I find it?

We did get depreciation on the last business vehicle we had, and we used standard mileage
dan13
New Member

Vehicle expenses topic does not calculate depreciation, where do I find it?

I tried actuals and it did allow me to take depreciation.  Thank you very much!!!
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