My wife took a break from her business in 2015 but we had a vehicle associated with the business for part time usage previously. But there was no business activity and vehicle was converted to personal usage only. In 2016 my wife started up her business and started using the vehicle again. On 2015 taxes, we had Dispositions Requiring Special Handling and converted the vehicle to 100% personal use. Can I convert it back? Or are there any issues? How do I enter the miles into turbotax if I cannot re-enter the vehicle?
Dispositions requiring special handling are for vehicles that are, for instance, company owned and no longer roadworthy. There will be no issues with you picking up where where you left off. You can re-enter the vehicle for your wife's business just as you previously have done.
Dispositions requiring special handling are for vehicles that are, for instance, company owned and no longer roadworthy. There will be no issues with you picking up where where you left off. You can re-enter the vehicle for your wife's business just as you previously have done.