Question
I bought a truck for $5k cash in 2023, how do I enter that $5k in QB Self Employed so it'll show up correctly in Turbo Tax? (I plan to use the mileage deduction method.)
I know that the mileage deduction method doesn't actually allow for a deduction of any part of that $5k specifically, however for bookkeeping purposes I have that transaction entered into QBSE and I want to make sure that the transaction won't mess anything up when I transfer my tax info to TurboTax. I have done so much research and can't find a clear answer anywhere. QBSE doesn't seem to have a specific place to enter this info. The QBSE help article I found says that in my Vehicle Info (where you enter the make/model, purchase date, date entered into service, etc.) there should be a section for "Cost of this Vehicle", but there isn't any such section in the vehicle info tab in my QBSE login on the computer or on the Mobile App. I have currently listed it as "Other Vehicle Expenses" in transactions just to get it into QBSE, but I'm wondering if this will mess up TurboTax when I transfer my tax info. Should I have this listed as Other Tools & Equipment (>200) so it would be listed as an asset instead? Except if I do that It wouldn't be listed under Vehicle expenses or have a way in the transaction to assign that cost to a specific vehicle though, and from what I've read QBSE doesn't track asset depreciation anyhow. Thanks in advance for any help, this is my first year running my business so I'm a bit lost.
