How to Add a Vehicle Asset

How to add a vehicle asset to a return

This article will walk through how to enter a vehicle asset to a return using the asset manager. There are multiple ways to access the manager through the program. 

  

Multiple Methods to access the asset manager within the program.

  1. Selecting "Depreciation" within the GENERAL attached Forms
  2. Selecting "Form" from the command list & selecting "Depreciation"
  3. Ctrl+N will also bring up the asset manager.

 

Entering a Vehicle Asset

  1. Click on Car/Truck Vehicle Allocation to add the asset within the "Business Activity Asset" window. 
  2. Select the New Asset Button to open the "Asset Details" window.
  3. Select the appropriate Asset Class to open the "Choose Asset Class" window where depreciation data is entered.
  4. Fill out the asset worksheet appropriate to the taxpayer. Additional tabs at the top of the window allow the preparer to enter Mileage and Expenses for this business asset.
  5. Once the worksheet is complete, use the Close Button to return to the "Business Activity Asset" window; the recently entered asset will now be available in this window. Click Return to List to close this window.
  6. All vehicle assets posted into the return in like procedure will list on the Car & Truck form under Attached Forms

 

 

 

NOTE: For Schedule C and Form 2106, the vehicle information can be entered directly on the form. It is easier to enter it directly on the form however it isn’t recommended as the data won’t carry forward to next years return.