3455687
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

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

do i add my financed call in major purchases

 
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 Reply
SabrinaD2
Expert Alumni

do i add my financed call in major purchases

If you are asking whether you should add your financed car, the answer is yes. If the car was for personal use, no reporting is needed unless you are trying to qualify for a specific deduction or credit, such as the EV credit.

 

For business use, report it as a major asset and deduct depreciation and interest as applicable

 

For more detailed information, you can refer to the IRS guidelines on reporting car expenses and clean vehicle tax credits.

 

If additional information is needed, let us know.

 

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question