Vehicle Total Cost

Forum|Forum|4 years ago
March 22, 2022
3 replies
24 views

Where can you edit "Vehicle Total Cost" in the Vehicle cost section. It does not appear to be an editable field.

TurboTax Home & Biz Windows

KrisD15

Level 15

To clarify, are you trying to change the price you paid?

If you have just entered a vehicle as an asset, you can delete and re-enter or go to the Business Asset Summary screen.

Select Business

Business Income and Expenses

Select Update for the business

Select Edit for the business

Scroll down to "Business Vehicle Expenses" and click Update

Click Edit for the vehicle

Continue through the interview

If you entered expenses and the program computed the "cost" that would only be adjusted by the expenses you enter that pertain to the vehicle.

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grizz2Author

Level 4

Thank you. It is saying "since you didn't claim depreciation for this vehicle, we'll also need the vehicle's total cost. The cost would normally be the purchase price." Then below that it shows "Vehicle Total Cost" and gives an amount. It is NOT an editable field so I'm not sure where the number pulls from. I am, however, able to go the form and change it there.

Are you saying that number ("vehicle total cost") is automatically computed? If I change this number in the form, will I be making a mistake?

Cynthiad66

Level 14

You should go back to the original entry and go through the interview questions again to see if your answers pertained to the vehicle.

For instance, If you trade in your old car to a dealer to buy a new one, your basis is equal to the adjusted basis of the trade-in. This amount includes the original cost minus depreciation taken, plus the cash you pay.

Also, your vehicle depreciation may have been adjusted by business use. A depreciation deduction equals a certain percentage of the taxpayer's basis in the motor vehicle. The tax basis for claiming depreciation = the cost the vehicle multiplied by the number of miles driven for either business or investment divided by the total number of miles driven for the tax year.

So consider whether any of the above might have applied when determining the depreciable basis of the auto.

@grizz2

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