Question

Business Vehicle

Forum|Forum|2 years ago
March 9, 2024
1 reply
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Hi,

we purchased a business vehicle at the end of December 2022. when I tried to add the vehicle to business vehicle session and tried to take Section 179, the turbo tax did not allow me to do it. I had to enter it in Business asset and took section 179 deduction. the software allowed me to deduct $28,900. I decided to take $20,000 instead.

Now when I file my 2023 tax return, I noticed the vehicle was being depreciated as a 7 years property. I tried to add the vehicle to business vehicle session again, it took. however, now it is being depreciated in two sections. business assets and business vehicle. I would like to get rid of the asset part and keep it in vehicle session. how can I correct this?

Thanks,

Qiong

PatriciaV

To remove an asset from your business, go to the Business Summary page. Click Edit/Update beside Assets/Depreciation. On the Business Asset Summary page, click Delete (trashcan icon) beside the asset you need to remove and confirm.

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