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January 27, 2024
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.)

  • January 27, 2024
  • 1 reply
  • 0 views
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.

1 reply

January 28, 2024

Your detailed post is much appreciated, @corysmobilervrep.

 

Allow me to provide some insights about entering your transactions in QuickBooks Self-Employed (QBSE).

 

When it comes to recording your expenses in QBSE, I suggest consulting tax professionals for the best advice. They can give valuable insights and guidance on how to accurately track your vehicle expenses and mileage. Additionally, they can ensure that you stay compliant and maximize your tax savings.

 

Furthermore, the option to track assets such as vehicles is a great addition to QBSE. With this, I recommend submitting a feature request through the Feedback section. This way, our product development team can take note of the need for this feature and consider it for future updates. Just click the Give Feedback button on the Transactions page of your QBSE account.

 

For more info on entering and changing vehicle details in QBSE, feel free to check out this article: Update vehicle info in QuickBooks Self-Employed.

 

You might want to learn more about the different expense categories in QBSE. A detailed guide is found in this article: Schedule C and expense categories in QuickBooks Self-Employed.

 

If you have any other questions about anything QuickBooks-related, please don't hesitate to reach out. I'm always here and ready to help you out.