If you are deducting expenses for the business use of your vehicle, you enter it under the expense portion of business income. Since this the first year your car is in service, you have the choice of standard miles or actual expenses.
You can deduct 54.5 cents per
mile or actual vehicle expenses (ie. gasoline. oil, tires, maintenance)
prorated for business miles.
If you claim
the standard mileage rate in year one for this vehicle, you will have the
option of deducting the standard rate or actual expenses in subsequent years.
If you claim actual vehicle expenses in year one, you must choose actual
expenses in every subsequent year for that auto.
To enter vehicle expenses in
TurboTax Self Employed:
Type in Schedule C in the search box, top right of your screen
Click on the first
category Jump to
schedule c link
Follow the prompts and online
instructions
- Arrive at the Your Business page
- Scroll down to the Business Expense category
- First category is Business Vehicle Expense
- Click Start or Update to make your entries
