Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
jackandlily
New Member

How do I transfer a vehicle from one business to another business? i own both businesses.

 
1 Reply
PatriciaV
Employee Tax Expert

How do I transfer a vehicle from one business to another business? i own both businesses.

Unfortunately, there is no direct way to transfer an asset from one business to another. Instead, you need to report that  you stopped using the vehicle on one business, then enter it as a "new" asset on the other business.

Be sure you have a record of all deprecation and/or mileage deductions taken for the vehicle on prior returns. You'll need that information when you add it to the second business.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v