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Where to add my business car details in Turbotax: "Vehicles used by all partners, jointly" or "Vehicles used only by me"?
I use my car to run my two businesses and also some personal use which I share with my wife. In TurboTax there are 2 sections to add vehicle expenses. Which one should I use given the above scenario: "Vehicles used by all partners, jointly" or "Vehicles used only by me"?
P.S. My wife is not part of the businesses.
P.S. My wife is not part of the businesses.
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Where to add my business car details in Turbotax: "Vehicles used by all partners, jointly" or "Vehicles used only by me"?
Vehicles used by just me. This distinguishes your vehicle expenses as just yours and will deduct the expenses from your share of the income (rather than the total income of the business).
You're going to calculate the business vs personal percentage based on the km driven for business and total km driven in the year (so your wife's km won't be an issue).