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Depreciation

Enter auto expenses

You can enter auto information in any of the following folders: Business, Rent & Royalty, Farm, Farm Rental, K1 1065, 1120S, Itemized Deductions, or Non Calculating.
Follow these steps to enter auto expenses.
  1. Go to the folder that applies to the vehicle.
  2. Select the
    Asset
     tab.
  3. Add
     or
    Edit
     the asset.
  4. Enter the
    Description
     and
    Date in service
     in the
    Asset Detail
     window.
  5. Optional: Enter the cost, method, and life in the
    Asset Detail
     window if you select the
    Optimize
     Tax treatment. UltraTax CS optimizes between standard mileage and actual costs (step 8). The cost, method, and life aren't needed for leased vehicles. Since depreciation is a component of the standard mileage rate, you should enter the cost, method, and life for vehicles using the standard mileage method.
  6. Select the
    Vehicle/Listed
     tab and select the vehicle type from the
    Type of property
     dropdown. This turns on the Current year usage section.
    note
    If you're entering information for a leased vehicle, select either
    Luxury Auto
     or
    Van or light truck
     from the
    Type of property
     dropdown.
  7. Complete the fields in the Current year usage section.
  8. Select the
    Form 4562 Vehicle Questions
     in the Other information section, answer the questions in the
    Form 4562 Vehicle Questions
     window, then select
    OK
    .
  9. Enter the mileage to compute the business use percentage.
  10. In the Additional 1040 vehicle information section, select
    Optimize
    ,
    Standard mileage
    , or
    Actual costs
     and enter expenses in the fields.
    note
    UltraTax CS defaults to the
    Optimize
     tax treatment only in the 1st year the vehicle is placed in service. You can select
    Actual costs
     or
    Standard mileage
     to force a different tax treatment.
  11. For leased vehicles only, enter the lease payments in the
    Vehicle rentals
     field. Select
    Lease Inclusion
     in the Additional 1040 vehicle information section to open the
    Lease Inclusion Calculation
     window. Enter the date the lease began and the fair market value, then select
    OK
     to complete the calculation.

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