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C
CL7
March 25, 2024
Question

auto ownership

  • March 25, 2024
  • 2 replies
  • 0 views

I bought a car for business use last December & paid up to 80% of the price. I finished paying the car loan this March. Should I report owning the car this March or last December?

Please advise. Thanks!

    2 replies

    V
    Vanessa A
    March 25, 2024

    You would start reporting the vehicle in December of last year when you bought the vehicle. When you take on the loan, you are considered to have paid for the vehicle.  

     

    Deducting Auto Expenses

     

    To enter your vehicle expenses select the following:

    • Business Income and Expenses
    • Update or Start next to Business Income and Expenses
    • Edit or add a business
    • Update or start next to Business vehicle expense

     

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      C
      CL7Author
      March 25, 2024

      Thanks! Vanessa

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