Pacun Posted April 17, 2023 Report Share Posted April 17, 2023 I have a client who has 4 van used in his business 100%. I have the four vehicles listed as fixed asset with their prices and depreciation flows properly. I have a grand total of gas and repairs of $12K. How do you enter those 12K that belong to the 4 vans. Do you override line 9 on Sch C or you enter the whole amount in one fixed asset information sheet? Quote Link to comment Share on other sites More sharing options...
Bart Posted April 18, 2023 Report Share Posted April 18, 2023 Have the client breakdown all expenses by vehicle. 4 Quote Link to comment Share on other sites More sharing options...
Max W Posted April 18, 2023 Report Share Posted April 18, 2023 $12K is not much for 4 commercial vehicles. That's an average of $3K each. I would just allocate 25% of the actual expense to each vehicle. Only the total shows up on the return. If it were $12K for each vehicle i would want a breakdown. Tell your client to keep all his maintenance records and work orders for 3 years. 3 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted April 18, 2023 Report Share Posted April 18, 2023 16 hours ago, Pacun said: I have a client who has 4 van used in his business 100%. I have the four vehicles listed as fixed asset with their prices and depreciation flows properly. I have a grand total of gas and repairs of $12K. How do you enter those 12K that belong to the 4 vans. Do you override line 9 on Sch C or you enter the whole amount in one fixed asset information sheet? If you're using depreciation and not ever choosing mileage, just enter the expenses directly on Sch C in other expenses. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.