Pacun Posted April 17, 2023 Report 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
Bart Posted April 18, 2023 Report Posted April 18, 2023 Have the client breakdown all expenses by vehicle. 4 Quote
Max W Posted April 18, 2023 Report 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
Abby Normal Posted April 18, 2023 Report 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
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