Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Nov 16, 2022 12:43:05 PM

Self

Can I write off my newly purchased vehicle in my business name if it’s in my personal name?

0 1 133
1 Replies
Expert Alumni
Nov 16, 2022 3:07:39 PM

Hi @Aaronvilla97 

 

You can take a deduction for a vehicle if it is used in your business and for business use.  If it is used for both personal and business then you will need to track the miles for each in order to properly claim this deduction.

You may also be able to claim depreciation on the vehicle depending on % of the use that is for business. 

 

Please see this IRS Publication for more info. 

 

Thank you for choosing TurboTax!