Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Vehicle/Listed tab

Show all hidden content
Use the
Vehicle/Listed
 tab of the
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, and then select the
Vehicle/Listed
 tab in the
Asset Detail
 window.
Inventory module users
: To open this tab from within the Inventory module (if licensed), open an active inventory, select
Edit
, then
Add Asset
, and select the
Vehicle/Listed
 tab.
note
  • The
    Vehicle use
     group box is available when you select Luxury Auto (Passenger), Van or light truck, Sport utility vehicle, Electric vehicle, or Listed property (Vehicle) from the dropdown list in
    Type of property
    . Be sure to select
    Form 4562 Vehicle Questions
     to answer the additional vehicle questions. If a vehicle is coded as listed property, is fully depreciated, or is a memo or leased asset for which the mileage allowance is used, you can use this tab to enter the mileage information you want to print on Form 4562.
  • The
    Additional 1040 vehicle information
     group box is available only if you're entering vehicle property (as indicated in
    Type of property
    ) for a 1040 client.

Fields & buttons

Type of property
Select the type of property from the dropdown list for this field.
Listed property group box
The availability of the field and button in this group box depends on the selection in
Type of property
.
Form 4562 Client Evidence Questions button
Select this button to open the
Form 4562 Client Evidence Questions
 window in which you indicate whether there's evidence to support business or investment use of this asset and, if so, whether that evidence is in writing.
Bus use pct
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
, then
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
.
Total miles driven during the year
Enter the total miles driven during the year.
Commuting miles
Enter the total commuting miles driven during the year.
Business miles
These fields change depending on the entity type of the current client. See the descriptions for information on the fields.
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.
Track Mileage button
Select this button 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.
Other personal miles
The application calculates and displays in this field the number of personal miles driven based on the entries in
Total miles driven during the year
,
Commuting miles
, and
Business miles
.
Business use percentage
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 field.
note
To enter the asset's prior-year business use percentage, select
Tasks
, then
Prior Depreciation Comparison
, or select
Track Mileage
 in the
Vehicle/Listed
 tab.
Average round trip commuting miles
Enter the average round trip commuting miles.
note
This field is available only if you're processing vehicle property in the 2106 activity for a 1040 client.
Does not follow safe harbor method of accounting
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
, then
Options
 on the
Calculation
 tab. Mark the
Does not follow safe harbor method of accounting
 checkbox if you don't want to follow the safe harbor method of accounting. When marked, 100% bonus won’t calculate any depreciation after the first year until after the recovery period.
Other information group box
Form 4562 Vehicle Questions button
Select this button 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.
note
The availability of this button depends on the selection in
Type of property
.
State Vehicle Info button
Select this button to open the
State Vehicle Information
 window, in which you can enter information for the current vehicle.
note
This window is available only when both of the following conditions exist.
  • The NY treatment is calculating.
  • Sport utility vehicle
     is selected in
    Type of property
    .
Value of employer-provided vehicle
Enter the value of the employer-provided vehicle.
note
This field is available only if you're processing vehicle property (as indicated in
Type of property
) for a 1040 client.
Additional 1040 vehicle information group box
The fields and options in this group box are available only if you're processing vehicle property (as indicated in
Type of property
) for a 1040 client.
Optimize / Standard mileage / Actual costs
By default, the application optimizes between using the standard mileage rate or the actual costs when determining vehicle costs for current-year vehicles. To use either the standard mileage rate or the actual costs regardless of optimization, select the option. Note that a tab appears for the Tax treatment and each of the client's treatments that isn't derived from another treatment, which lets you make this selection on a treatment-by-treatment basis.
note
The
Optimize
 option is available only in the year in which the vehicle was placed in service.
Parking fees
Enter the amount paid for parking fees.
Tolls
Enter the amount paid for toll fees.
Gasoline
Enter the amount paid for gasoline.
Oil
Enter the amount paid for oil.
Repairs
Enter the amount paid for repairs.
Maintenance
Enter the amount paid for vehicle maintenance.
Tires
Enter the amount paid for tires.
Car washes
Enter the amount paid for car washes.
Insurance
Enter the amount paid to insure the vehicle.
Interest
Enter the amount paid for interest.
note
This field is relevant only in the 2106 activity if you are entering supplemental business income (SBE).
Registration
Enter the amount paid to register the vehicle.
Licenses
Enter the amount paid for licenses.
Property taxes
Enter the amount of property taxes paid.
note
This field is relevant only in the 2106 activity if you are entering supplemental business income (SBE).
Vehicle rentals
Enter the amount paid for vehicle rentals.
Lease inclusion
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.
Other exp
Enter the total amount of other expenses for the vehicle, or select to open a statement window in which you can enter the description and amount of each "other" expense.
Additional 1120 vehicle information group box
Lease inclusion
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
Lease inclusion
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.

This article applies to:

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close