Solved: I am stuck doing depreciation on a car and now I can't go back and edit the form. How do I go back and write my car off without filling out the form?
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I am stuck doing depreciation on a car and now I can't go back and edit the form. How do I go back and write my car off without filling out the form?

I wanted to write off my car for work, but the thing is stuck doing depreciation. I accidentally added some values, but now I need to go back and get rid of them, but I can't just delete my car that I was writing off because there are some values I entered into the tax form that wont go away. I also cant understand how to write off my car. I just wish I could start again new for writing my car off, but it wants me to enter all the different depreciation values and won't let me go back. Thanks!
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Level 11

I am stuck doing depreciation on a car and now I can't go back and edit the form. How do I go back and write my car off without filling out the form?

To make changes to the Vehicle you use for your Self-Employed Business,  in your Federal return, click on 'Wages & Income'.

On the list of Your Income topics, go to Self-Employment Income and Expenses and click Add/Edit.

On the Summary page, click Edit next to your business. When your business info page opens, scroll down to your Vehicle entry and click Review (screenshot). At the Vehicle Summary page, click Edit (screenshot). 

You can 'write off' assets less than $2500 as business expenses (like a computer or tools, for example).

If you have a good amount of Business Miles each year, it is often better to take the Standard Mileage deduction.  You only need to keep track of total miles for the year, and how many were business miles.  You don't need to figure any depreciation with this method.

You can also take the option of claiming Actual Expenses (repairs, insurance, maintenance, gas).  You need to save all your receipts for this and add them together, and take the % that the vehicle is used for business.

Here's an article on business use of vehicles you will find helpful:

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Level 11

I am stuck doing depreciation on a car and now I can't go back and edit the form. How do I go back and write my car off without filling out the form?

To make changes to the Vehicle you use for your Self-Employed Business,  in your Federal return, click on 'Wages & Income'.

On the list of Your Income topics, go to Self-Employment Income and Expenses and click Add/Edit.

On the Summary page, click Edit next to your business. When your business info page opens, scroll down to your Vehicle entry and click Review (screenshot). At the Vehicle Summary page, click Edit (screenshot). 

You can 'write off' assets less than $2500 as business expenses (like a computer or tools, for example).

If you have a good amount of Business Miles each year, it is often better to take the Standard Mileage deduction.  You only need to keep track of total miles for the year, and how many were business miles.  You don't need to figure any depreciation with this method.

You can also take the option of claiming Actual Expenses (repairs, insurance, maintenance, gas).  You need to save all your receipts for this and add them together, and take the % that the vehicle is used for business.

Here's an article on business use of vehicles you will find helpful:

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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