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Posted

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?

Posted

$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.

 

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Posted
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.

 

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