I used my personal car for checking up my rented house. Now I don’t use it for business anymore. How can remove it? I’m getting an error in Schedule E worksheet “Car & Truck”.
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You can indicate that it is no longer used for business. This way if you change it back to business use or sell it, the data will still be there for you.
Here is how to do this in TurboTax Online:
Thank you, but I'm using Turbo Tax Premier not Online.
Somehow during the Smart check I was trying to fix the error and accidentally stopped the Smart check and the Federal income section is done. But I know the error wasn't fixed. I can see this error in the form format schedule E worksheet.
Where can I go back I redo what you suggested with Turbo Tax Premier?
You can go to the vehicle in the rental activity, then indicate it was removed from service.
DianeW777,
‘
Where is “Rental Activity”? In the “Income from Rental or Royalty Property you Own” section.
Since I’m not actively managing my rental property, and in the section “So Far You’re not a Real Estate Professional” section, I selected “None of the above” which I’m confirmed that I didn’t spend more than 50% or 750 hrs. a year to manage my rental property. The next step is to confirm rental property address and that’s it.
Thanks.
Yes, the rental activity is in the section you noted 'Income from Rental or Royalty Property you Own'. You would answer the questions exactly has you indicated, actively participating but not at the real estate professional level.
The vehicle will be one of the expense categories which is where you will follow the rest of the instructions to convert it to personal use.
It wasn't clear if you had completed that section or needed additional information so I added this confirmation and detail.
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