We have a utility vehical that was bought prior to 2016. Can we write it off now that we are officaly using it for business?

[PaulaM · Accepted solution]

Yes, you can enter the asset under the Business Asset section, regardless of when you purchased it. You will pick an asset class for depreciation, and then enter the item's fair market value (FMV) at the time you started using it for your business.

To get begin entering your business asset:

• In your open return, select My Account
• Tools
• Topic Search
• Type 'schedule c' in the box, then select GO

You will need to set up your business profile first if you have not previously done so. Then move onto the business Asset section.