Question

Business Vehicle Expense - do not take depreciation, only actual expenses

Forum|Forum|2 years ago
February 2, 2024
1 reply
0 views

I use my car for business 100% of the time. I want to write off my expenses (gas, insurance, registration, etc)...but I do NOT want to take the depreciation. In Turbo Tax, I can't find a way to NOT take the depreciation. Even with I go to the actual forms, I can't figure out how to only take expenses and NOT depreciate the car using Turbo Tax. The fields I would need to make "0" are not editable.

Any help would be greatly appreciated it.

TurboTax Basic Windows

PatriciaV

To avoid including depreciation in the vehicle expense calculation, enter a zero value for the fair market value of the vehicle on the date you first started using it for your business. There is no depreciation calculated on a vehicle with zero value. But you'll still be able to claim your actual expenses.

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T

Tom Mason

There is no fair market value button on the form

B

BrittanyS

When you entered to use your actual expenses, you will come to a screen that states, "Let's figure out the value of your vehicle". You can enter $0 at this screen. (See Screenshot below)