turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Where can I list insurance for vehicles owned

Can I add the insurance for all of our vehicles
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
RyanH2
New Member

Where can I list insurance for vehicles owned

Yes, you are able to deduct business vehicle insurance in the vehicle expenses area. You will have to enter each vehicle by selecting "+Add a vehicle" at the vehicle expenses summary page, and then enter the insurance in the actual expenses area. Please see below.

To Enter Your Business Vehicle Mileage:

1. Select "Business" at the top of the screen

2. Choose "Continue", then "I'll choose what I work on"

3. Select "Start" next to "Business Income and Expenses"

4. Select "Edit" next to your business name

5. Scroll down to Business Expenses

6. Now select "Start" next to "Business Vehicle Expense"

7. Select "Edit" next to your vehicle

8. Continue through the mileage area until you get to a screen that asks "Do You Want to Enter Your Actual Expenses?" and answer "Yes"

9. On the next page enter your insurance costs in the box next to "Vehicle Insurance"

For more information on claiming your mileage visit this link: Business Use of Vehicles

Note: If you deducted your actual expenses the first year, you cannot switch to the standard mileage deduction this year.




View solution in original post

1 Reply
RyanH2
New Member

Where can I list insurance for vehicles owned

Yes, you are able to deduct business vehicle insurance in the vehicle expenses area. You will have to enter each vehicle by selecting "+Add a vehicle" at the vehicle expenses summary page, and then enter the insurance in the actual expenses area. Please see below.

To Enter Your Business Vehicle Mileage:

1. Select "Business" at the top of the screen

2. Choose "Continue", then "I'll choose what I work on"

3. Select "Start" next to "Business Income and Expenses"

4. Select "Edit" next to your business name

5. Scroll down to Business Expenses

6. Now select "Start" next to "Business Vehicle Expense"

7. Select "Edit" next to your vehicle

8. Continue through the mileage area until you get to a screen that asks "Do You Want to Enter Your Actual Expenses?" and answer "Yes"

9. On the next page enter your insurance costs in the box next to "Vehicle Insurance"

For more information on claiming your mileage visit this link: Business Use of Vehicles

Note: If you deducted your actual expenses the first year, you cannot switch to the standard mileage deduction this year.




message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies