Retired from 1099 position after four months in 2023. Started a home business right at retirement. I am using the same vehicle and the vehicle has always been depreciated as part business, part personal for many years. Do I enter the expenses for those four months into turbo tax and select that I stopped using the vehicle in 2023, then add it in as a new vehicle for the new business? What to put into the section asking about sales price and vehicle total cost?
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Yes, that may be the best approach to to keep the vehicle information for the business that ended in 2023. Continue for additional instruction.
When go to the vehicle information under your business you can select 'Sold, disposed of, etc....' then do not indicate it was sold. You must say 'Yes' it was converted to personal use. This will remove it from the business that ended for your 2024 return.
For the new business you will enter the original date, cost and if applicable depreciation expense, as if you used it for the new business purposes all along. The information is always active and in tact for a future trade (equals a sale for tax purposes) or sale. Continue to track the depreciation expense or standard mileage rate (SMR) miles you used for the vehicle.
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Small SAAS business
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Tallie
Level 1
Tallie
Level 1
Tallie
Level 1
Tallie
Level 1
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