I'm entering in vehicle info for business use of a vehicle with the year, make, model and mileage but I CANNOT get the information to carry over onto the P & L. It's driving me nuts! I've entered the data into Screen 22 but when I view the form, the Sched C, Part IV is BLANK. Can someone please assist me? I'm new to the Lacerte program and I'm practicing on Lacerte 2020 before Tax Season starts. ANY suggestions are welcome! Thanks a million!
I go from Contents -> 22 Depreciation OR do I go from Contents ->23 Direct Input OR should it be Contents ->30 Vehicle/Emp. Bus. Expense (2106)? If it's 22 Depreciation-under General, the Form should be Schedule C, correct? Then enter the asset information along with the Date placed in Service and THEN scroll down to Automobiles and Other Listed Property? I believe I'm missing something somewhere because it shouldn't be this complicated to enter a vehicle used for business that should show up on Part IV of the P & L... I'm glad I know what a P&L is supposed to look like or I would be lost...
General rule for Lacerte - NEVER USE direct input - NEVER USE Override [O] - There are a few rare exceptions
If you are ONLY USING MILEAGE, use 30 and be sure Form Number (Ctrl + T) is set to Schedule C and the Activity is tied to the specific Schedule C
If you are depreciating and taking actual expenses, use 22 like above, be sure Form Number (Ctrl + T) is set to Schedule C and the Activity is tied to the specific Schedule C - See the following image for a bunch of things tied to Schedule C, but notice one is Form 10 for Home office. For the Tesla, you then scroll down to Automobile and other listed property to enter the mileage and expenses
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