I purchased a vehicle over 6,000 lbs and put it into service January 1st, 2023. Where would I find the form or place to enter the information to deduct the full expense of the vehicle in 2023? Thank you.
You can only deduct the cost of the vehicle if you use it in your capacity as a business owner, wherein you report your business income and expenses on your tax return. You aren't allowed to deduct vehicle expenses in your capacity as a salaried (W-2) employee on your federal tax return in 2023.
When you enter your business expenses in TurboTax, you will typically see an option to enter vehicle expenses:
When you work through that section, you will see an option to enter the vehicle information where you can indicate the vehicle is over 6,000 pounds gross vehicle weight:
Later you will be asked how much depreciation you want to take for section 179 purposes and for bonus depreciation purposes:
Bonus depreciation is limited to 80% of the cost of your business vehicle in 2023, whereas section 179 depreciation can be up to 100% of the cost of the vehicle. However, you can only deduct section 179 depreciation to the extent of your net business income in the current year. Any unused deduction can be carried over to future years. You can use either method or a combination of the two. You must use your vehicle more than 50% to qualify for bonus or section 179 depreciation. If your use in later years falls below 50% business use, you may have to add back (recapture) some of the special depreciation that you deducted in previous years.
If you don't see a business vehicle expense option in your version of TurboTax, you can enter your vehicle in the assets and depreciation section of your business expense entries.