Vehicle/Listed tab

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

Use the Vehicle/Listed tab of the asset module's Asset Detail dialog to enter Form 4562 vehicle or listed property information.

To open this tab, click the Add or Modify button in the Asset List window, and then click the Vehicle/Listed tab in the Asset Detail dialog.

Notes

  • 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 drop-down list in the Type of property field. Be sure to click the Form 4562 Vehicle Questions button 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 are entering vehicle property (as indicated in the Type of property field) for a 1040 client.

Fields & buttons

Select the type of property from the drop-down list for this field. 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 the Type of property field.

Click this button to open the Form 4562 Client Evidence Questions dialog 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, choose Tasks > Prior Depreciation Comparison.

Current year usage group box

The availability of the fields in this group box depends on the selection in the Type of property field.

Enter the total miles driven during the year.

Enter the total commuting miles driven during the year.

These fields change depending on the entity type of the current client. See the descriptions below for information on the appropriate 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.

Click this button to open the Track Mileage dialog 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 in this field the number of personal miles driven based on the entries in the Total miles driven during the year, Commuting miles, and Business miles fields.

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, choose Tasks > Prior Depreciation Comparison, or click the Track Mileage button in the Vehicle/Listed tab.

Enter the average round trip commuting miles.

Note: This field is available only if you are processing vehicle property in the 2106 activity for a 1040 client.

The application automatically calculates the auto limits based on the safe harbor method of accounting. Mark this checkbox if you do not want to follow the safe harbor method of accounting.

Other information group box

Click this button to open the Form 4562 Vehicle Questions dialog, 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 the Type of property field.

Click this button to open the State Vehicle Information dialog, in which you can enter information for the current vehicle.

Note: This dialog is available only when both of the following conditions exist.

  • The NY treatment is calculating.
  • Sport utility vehicle is selected in the Type of property field.

Enter the value of the employer-provided vehicle.

Note: This field is available only if you are processing vehicle property (as indicated in the Type of property field) for a 1040 client.

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 the Type of property field) 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. To use either the standard mileage rate or the actual costs regardless of optimization, click the appropriate option. 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.

Note: The Optimize option is available only in the year in which the vehicle was placed in service.

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.

Note: This field is applicable only in the 2106 activity if you are entering supplemental business income (SBE).

Enter the amount paid to register the vehicle.

Enter the amount paid for licenses.

Enter the amount of property taxes paid.

Note: This field is applicable only in the 2106 activity if you are entering supplemental business income (SBE).

Enter the amount paid for vehicle rentals.

Enter the amount of lease inclusion, or if Luxury auto (Passenger) is selected in the Type of property field, you can click the Lease Inclusion button to open a dialog 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 click the Other Expenses Statement button button to open a statement dialog 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 the Type of property field, you can click the Lease Inclusion button to open a dialog 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 the Type of property field, you can click the Lease Inclusion button to open a dialog in which you can enter the required lease information to calculate the lease inclusion amount.

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