Sch C Vehicle and other Fixed Assets

[HV Ken]

Schedule C client. Has assets. Uses vehicle and takes the standard mileage rate.

New in ATX 2020, ATX is throwing an ERROR that the vehicle information must be entered on the 4562.

More changes that impact efficiency!

I am seriously thinking of this screenshot as a workaround 

[Margaret CPA in OH]

Odd - I just completed a Sch C with mileage on the Line 9 Vehicle Exp with no issue.  He doesn't have any other assets that he is claiming, though, so no 4562.  Perhaps that's the difference.  Is there even a jump to Line 9 from Sch C?

[HV Ken]

11 minutes ago, Margaret CPA in OH said:

Odd - I just completed a Sch C with mileage on the Line 9 Vehicle Exp with no issue.  He doesn't have any other assets that he is claiming, though, so no 4562.  Perhaps that's the difference.  Is there even a jump to Line 9 from Sch C?

Yes - the difference is the presence of the 4562.

[grandmabee]

per instruction that is the correct way,  but in the past it just came up as a warning and not red error.

 

[HV Ken]

4 hours ago, grandmabee said:

per instruction that is the correct way,  but in the past it just came up as a warning and not red error.

 

GRRRRR!!!

I'm liking my workaround even more!   

[BulldogTom]

I will say ATX has been warning us for years that they want the vehicle info on the FA worksheet and not anywhere else.   We have been warned.

Tom
Modesto, CA

[Abby Normal]

1 hour ago, BulldogTom said:

I will say ATX has been warning us for years that they want the vehicle info on the FA worksheet and not anywhere else.   We have been warned.

Tom
Modesto, CA

How else will you keep track of the depreciation component of standard mileage, which you will need at disposition of the vehicle?

IRS knows that most people don't report the gain or loss on sch c vehicles, especially the split use personal/business vehicles.

[Abby Normal]

Here's the 2019 Pub 463 section for depreciation component of standard mileage. The IRS hasn't gotten around to releasing the 2020 version, yet.

https://www.irs.gov/publications/p463#en_US_2019_publink100034059

[Max W]

When the mileage is low, and there is no depreciation, I have always put it under Other Expenses.  Same goes for rentals.  It saves a lot of time and hassle.

[rich]

I do have same error to use 4562 instead of input vehicle miles on Sch C. I see if there is no 4562 attached then sch C accepts direct input but i had some furniture assets so getting error. 

Now I added car as  new asset in Fixed assets and choose option 9 in vehicle category as- 5 year other vehicle(Listed).  Once done then vehicle pops up under Auto/Listed below and answer mileage questions. this info will flow to Sch C and make sure to delete if any previously filled info directly on sch C- Vehicle mileage info. sheet.

Hope it helps.

 

[jasdlm]

On 2/27/2021 at 3:14 PM, rich said:

I do have same error to use 4562 instead of input vehicle miles on Sch C. I see if there is no 4562 attached then sch C accepts direct input but i had some furniture assets so getting error. 

Now I added car as  new asset in Fixed assets and choose option 9 in vehicle category as- 5 year other vehicle(Listed).  Once done then vehicle pops up under Auto/Listed below and answer mileage questions. this info will flow to Sch C and make sure to delete if any previously filled info directly on sch C- Vehicle mileage info. sheet.

Hope it helps.

 

I do the same, and I simply enter no cost, etc. in the asset screen.  I simply list the vehicle as 5 year auto/listed and then complete the mileage questions.