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- Re: Car cost for Schedule C
Car cost for Schedule C
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jadira1021
Level 3
04-14-2024
08:05 PM
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Hello everyone,
I am trying to figure out the following scenario for a self-employed client. A client purchased a car using finance with a trade-in. I am trying to figure out the cost or basis that goes under actual expenses for the vehicle. The amount financed is $37,678.89, a trade-in of $14,913. Can someone help me figure this the numbers? Thank you.
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qbteachmt
Level 15
04-15-2024
10:49 AM
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Cost and Financed don't relate like that.
Cost is Cost.
Financed is debt because you couldn't pay for it. That debt doesn't change Cost.
Also, you didn't state if that is 100% business use, some sort of specialty vehicle (delivery van?) for the new vehicle, and what about that trade-in? Was it business, was it depreciated (bonus, fully, cost, etc?, was it 100% business, was it the spouse's vehicle, a personal vehicle?
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