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Vehicle/Listed tab

Use the Vehicle/Listed tab of the asset module's Asset Detail window to enter Form 4562 vehicle or listed property information.
To open this tab, select Add or Modify in the Asset List window, then select the Vehicle/Listed tab in the Asset Detail window.

Fields and buttons

Select the type of property from the dropdown list for this box. For information on the Luxury auto (Passenger), Van or light truck, Sport utility vehicle, and Listed property (Vehicle) property types, see Vehicle/listed property types.

Listed property group box

The availability of the field and button in this group box depends on the selection in
Type of property
.
Select this to open the Form 4562 Client Evidence Questions window in which you indicate whether there is evidence to support business or investment use of this asset and, if so, whether that evidence is in writing.
Enter the current-year business use percentage for non-vehicle listed property or for other business and personal property. To enter the asset's prior-year business use percentage, select Tasks, Prior Depreciation Comparison.

Current year usage group box

The availability of the fields in this group box depends on the selection in
Type of property
.
Enter the total miles driven during the year.
Enter the total commuting miles driven during the year.
These boxes change depending on the entity type of the current client. See the descriptions below for more information.
1040 clients for tax year 2011
  • Business miles driven 01/01/11 to 06/30/11:
     Enter the total business miles driven between January 1, 2011, and June 30, 2011.
  • Business miles driven 07/01/11 to 12/31/11:
     Enter the total business miles driven between July 1, 2011, and December 31, 2011.
1040 clients for tax year 2008
  • Business miles driven 01/01/08 to 06/30/08:
     Enter the total business miles driven between January 1, 2008, and June 30, 2008.
  • Business miles driven 07/01/08 to 12/31/08:
     Enter the total business miles driven between July 1, 2008, and December 31, 2008.
1040 clients for tax year 2005
  • Business miles driven 01/01/05 to 08/31/05:
     Enter the total business miles driven between January 1, 2005, and August 31, 2005.
  • Business miles driven 09/01/05 to 12/31/05:
     Enter the total business miles driven between September 1, 2005, and December 31, 2005.
Other entities and 1040 clients for tax years other than 2008 and 2005
  • Business miles:
     Enter the total business miles driven during the year.
Select this to open the Track Mileage window in which you can track a vehicle asset's total mileage, commuting miles, business miles, and business use percentage for the current and prior years.
The application calculates and displays here the number of personal miles driven based on the entries in the
Total miles driven during the year
,
Commuting miles
, and
Business miles
 boxes.
The application calculates the business use percentage based on the mileage information entered in this section. To override the calculated percentage, enter a different percentage in this box.
Enter the average round trip commuting miles.
The application automatically calculates the auto limits based on the safe harbor method of accounting. To calculate the auto limits based on the safe harbor method of accounting per Rev. Proc 2011-26, mark the option under Setup, Options on the Calculation tab. Mark the
Does not follow safe harbor method of accounting
 checkbox if you do not want to follow the safe harbor method of accounting. When marked, 100% bonus will not calculate any depreciation after the first year until after the recovery period.

Other information group box

Select this to open the Form 4562 Vehicle Questions window, in which you can answer additional questions regarding this vehicle and all of the client's vehicles.
Select this to open the State Vehicle Information window, in which you can enter information for the current vehicle.
Enter the value of the employer-provided vehicle.

Additional 1040 vehicle information group box

The fields and options in this group box are available only if you are processing vehicle property (as indicated in
Type of property
) for a 1040 client.
By default, the application optimizes between using the standard mileage rate or the actual costs when determining vehicle costs for current-year vehicles. Select either the standard mileage rate or the actual costs regardless of optimization. Note that a tab appears for the Tax treatment and each of the client's treatments that is not derived from another treatment, which allows you to make this selection on a treatment-by-treatment basis.
Enter the amount paid for parking fees.
Enter the amount paid for toll fees.
Enter the amount paid for gasoline.
Enter the amount paid for oil.
Enter the amount paid for repairs.
Enter the amount paid for vehicle maintenance.
Enter the amount paid for tires.
Enter the amount paid for car washes.
Enter the amount paid to insure the vehicle.
Enter the amount paid for interest.
Enter the amount paid to register the vehicle.
Enter the amount paid for licenses.
Enter the amount of property taxes paid.
Enter the amount paid for vehicle rentals.
Enter the amount of lease inclusion, or if Luxury auto (Passenger) is selected in
Type of property
, you can select Lease Inclusion to open a window in which you can enter the required lease information to calculate the lease inclusion amount.
Enter the total amount of other expenses for the vehicle, or select Other Expenses Statement button to open a statement window in which you can enter the description and amount of each "other" expense.

Additional 1120 vehicle information group box

Enter the amount of lease inclusion, or if Luxury auto (Passenger) is selected in
Type of property
, you can select Lease Inclusion to open a window in which you can enter the required lease information to calculate the lease inclusion amount.

Additional 1065 vehicle information group box

Enter the amount of lease inclusion, or if Luxury auto (Passenger) is selected in
Type of property
, you can select Lease Inclusion to open a window in which you can enter the required lease information to calculate the lease inclusion amount.
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