When I go through turbo tax it asks if I converted an asset to personal use (among other things), when I say yes it asks a date that I sold of disposed of my asset. I did not enter a date because I did not sale or dispose of the asset, just converted to personal use. When I finish with the section and look at the summary for that asset it than tells me that the asset was not sold of retired from business use in 2015...But it was?? Help?
Although it says "date you sold or disposed of" the asset, ending its use for your business is essentially the same thing for tax purposes.
Return to the business asset section and enter the date you stopped using the asset for business.
If asked, you should also report that the sales price was zero (since you didn't sell it).
Completing those two questions should remove the asset from your business and report the retirement.
Although it says "date you sold or disposed of" the asset, ending its use for your business is essentially the same thing for tax purposes.
Return to the business asset section and enter the date you stopped using the asset for business.
If asked, you should also report that the sales price was zero (since you didn't sell it).
Completing those two questions should remove the asset from your business and report the retirement.
I did enter the date I stopped using the asset for business and entered 0 for the sales price but it is still insisting that I fill in the mileage and other info about the vehicle that was used in my business before I retired.
If you did not use the vehicle during the tax year, enter zero for all mileage questions.
When I do this, it is giving me a loss for the remaining basis, but shouldn't this technically we viewed as a draw since you are still using it as personal?
If you are being asked for a sales price, you're messing up on your end.
THere's a screen that asks "did you convert this asset to nonbusiness use?" You must select YES. If you select no, then it's assumed you sold the vehicle and you will be forced to enter a sales price.
I completely agree with what you said. However, TT does not give me that option. Here are my options:
sold
stolen
a casualty loss
given away
disposed of by some other means (examples are recycled)
I have tried to search for "convert to personal" and other phrases but nothing shows up. Where do I find this option?
In error in 2016 I entered a house on our ranch as rental property which it is not and never has been. On TT Business in preparing Form 1065 I want to convert it to personal use but cannot find a way to do that.
There is not a direct way to convert it from an LLC to personal by using the program.
If the property is not part of the LLC for business purposes then just remove any information about it from the LLC.
I'm running into this same issue and looking for solutions. What did you end up doing? It doesn't appear that Carl responded again.....
To clarify, which of the issues on this thread have you run in to? There are several solutions here for the issues on the thread, have you tried those yet?
Sorry- I thought I was replying directly to the issue stated below. if I dispose of property in the 'other' section, it creates a loss. That seems wrong.
I completely agree with what you said. However, TT does not give me that option. Here are my options:
sold
stolen
a casualty loss
given away
disposed of by some other means (examples are recycled)
I have tried to search for "convert to personal" and other phrases but nothing shows up. Where do I find this option?
If you no longer use the vehicle and plan not to use it again, you may report that you stopped using for business use.