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How do I correct Form 4562 line 35 answer to yes from NO? This is not Schedule C. This is automobile use for schedule E.

TT review showed a portion of 4562 and gave me a choices which I didn't delve into deep enough.  Once I started running through a draft print-out, I see that line 35 should show yes (car is available for personal use of owner >5%.
The actual fact for 2021 is the car wasn't used at all for rental business, but I don't see how to delete the whole section for the return.  Next year, it could be used again, but I'm not sure how I really should be handling it.
Thanks very much.
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4 Replies
MarilynG1
Expert Alumni

How do I correct Form 4562 line 35 answer to yes from NO? This is not Schedule C. This is automobile use for schedule E.

Go to the Rental section of your return.

 

If you have claimed vehicle expenses previously, you may have your vehicle listed 'Vehicle Expenses.'

 

If you don't want to continue claiming Vehicle Expenses for your Rental, you can indicate that your vehicle was 'converted to personal use' in this section. 

 

If you sell the vehicle later (and you previously claimed Vehicle Expenses), enter the Sale Info in 'Sale of Business Property' at that time. 

 

OR, you can leave the Vehicle in the Rental Expense section, and just enter $0 for expenses claimed (or 0 for Business Miles). 

 

Here's some info on Using a Vehicle for Business you may find helpful. 

 

 

 

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How do I correct Form 4562 line 35 answer to yes from NO? This is not Schedule C. This is automobile use for schedule E.

Thank you for your answer.  I can find no way to get to the form 4562, however (or, at least, no way to make changes on it in TT).  The Rental section of my return (in TT) doesn't have a section called "Vehicle Expenses".  I don't want to claim expenses this year, but I may want to claim the next.  (With the pandemic, I had no reason to do any traveling for the rental.)  So, I would like to enter $) for expenses claimed and/or 0 for business miles, but the review process keeps telling me I have to fill in the odometer reading.  

I'll be trying to go back and do everything you suggested, but I've been too busy till now to re-examine it.  Thanks again for taking the time.

SAlly

PatriciaV
Expert Alumni

How do I correct Form 4562 line 35 answer to yes from NO? This is not Schedule C. This is automobile use for schedule E.

If you're not using the vehicle for your rental business, your answer to "available for personal use" is not important and doesn't need to be changed.

 

Also note that in TurboTax Online, you are not able to directly access or enter information on forms unless the SmartCheck process displays the form for you.

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Carl
Level 15

How do I correct Form 4562 line 35 answer to yes from NO? This is not Schedule C. This is automobile use for schedule E.

I can find no way to get to the form 4562, however (or, at least, no way to make changes on it in TT).

When you elect to edit that rental property, you're presented the "Review your [propertyname] Rental Summary" screen. The very last item on that screen is "Vehicle Expenses". Edit that.

Enter your odometer readings with 1 mile for business use. You're done.

You can't claim 0 miles of business use, because if you do, then you have to remove the vehicle from the business. Since you intend to claim mileage again in 2022, just enter 1 mile of business use and press on.

The Rental section of my return (in TT) doesn't have a section called "Vehicle Expenses".

Perhaps you're not seeing it on the rental summary screen because you need to scroll down?

I don't want to claim expenses this year, but I may want to claim the next.

It is for that reason you need to claim at least 1 mile of business use for 2021.

 

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