Is the car I purchased to drive UBER and LYFT an ASSET?

I purchased a car specifically to use for rideshare driving.

It is used less than 10% stated mileage for personal and medical reasons.

Is the car a business asset? 

Can I deduct the down payment and loan payments?

Answer

Good day, jkress.az,

Yes, that is considered an asset for your business. However, QuickBooks Self-Employed doesn't track asset for cars. That's considered as an actual expenses so you can track it as a Vehicle Expense.

As for the down payment and loan payment, these can be track under the Vehicle Loan and Vehicle Loan Interest categories. Only the loan interest is deductible.

For more information, check this article: https://community.intuit.com/questions/1470104.

Please let me know if you have additional questions.

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IntuitMaryL , Community Support Specialist
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