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January 27, 2024
Question

I purchased a vehicle in 2023 which category would I put this purchase in?

  • January 27, 2024
  • 2 replies
  • 0 views
I’m looking to get deductions on a 1040 form

2 replies

January 27, 2024

It's good to see you here in the Community, julian.


I'm here to help you with what category you can record your vehicle.

 

May I know if your vehicle is for business or not? If it's for business, we can track it as an asset or a similar one. If unsure, I recommend consulting an accountant to guide you in accurately adding it to the program. Doing so ensures that there's no discrepancy in your books.

 

Additionally, you can check out this article to learn how to personalize and run reports:

 

Keep me updated in the comments if you have further questions about your category in QuickBooks Self-Employed. I'm just a reply away. Keep safe and have a good one.

Rainflurry
January 27, 2024

@julianskeogel-gm 

 

Vehicles are fixed assets and should be recorded as such.  You incur the expense using depreciation.  From a tax perspective, there are options for depreciating vehicles and your CPA/tax accountant can help you with that.  Each option has its advantage/disadvantage.