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You should add the vehicle as an asset for depreciation. Based on your dates, the software will recognize that you are claiming unrecovered basis. Head into Federal Taxes tab >>> Deductions >>> the first section Depreciation of Assets >>> add your vehicle
You are correct that the amount you can deduct is the lessor of $1775 or your basis, so the software will track this for you. You qualify as long as you continue to use it 100% for business.
You should add the vehicle as an asset for depreciation. Based on your dates, the software will recognize that you are claiming unrecovered basis. Head into Federal Taxes tab >>> Deductions >>> the first section Depreciation of Assets >>> add your vehicle
You are correct that the amount you can deduct is the lessor of $1775 or your basis, so the software will track this for you. You qualify as long as you continue to use it 100% for business.
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