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Where do i document the sale of a vehicle that was partly used for a business?

 
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NatalieC
New Member

Where do i document the sale of a vehicle that was partly used for a business?

In the program ( after sign in / select Take me to my return / )

1.  Federal taxes

2.  Wages & Income - scroll down to Investment Income /

3.  Stocks, Mutual Funds, Bonds and Others -Start /

4.  On screen, Did you sell any investments in 2015? select Yes.

5.  Next screen, Did you get a 1099-B or a brokerage statement for these sales? select No.

6.  Choose the type of investment you sold, select Personal Items, select Continue and follow the prompts. 

For personal use, if you sold the car for less than the original purchase price, there is no deduction for personal loss. You do not have to report it on your tax return.  However, if you sold it for a profit (higher than the original purchase price), this would be a gain to you and be added to your taxable income on the tax return. 

If it's for business use, you would enter it under the business section, under vehicle section, mark as stop using / sold. 


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