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ferrari488hp
New Member

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.
2 Replies
TurboTaxJennifer
Moderator

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).

Mo786
New Member

Where to add my business car details in Turbotax: "Vehicles used by all partners, jointly" or "Vehicles used only by me"?

What if I drove a taxi in Ontario Canada? The vehicle is used by other Taxi drivers.

I don't own the car but I pay lease payments for the vehicle (Its the total of car rental+insurance+maintenance as one whole payment)
Should I put this under "Add a Vehicle for Business Use" and the lease payment under "Leasing cost for the vehicle"

Also should I include the HST in my lease payment since they wanted my income to be with HST included?

v