This sale can be completed in TurboTax Desktop as well using the information below. Keep in mind in the vehicle entry that you indicate it was converted to personal use and NOT that it was sold. Because of the potential changes in business use percentages, it becomes a complicated process. For this reason it's best to use the information below to actually report the business portion of the sale.
If there is any gain on the personal portion of the vehicle that would be reported separately under 'Investment Sales'.
- Business Tab > Business Income and Expenses > Scroll to Less Common Business Situations
- Scroll to Sale of Business Property
- On the next screen select Sales of business or rental property that you haven't already reported
- Use the information from step one and the depreciation from step 2 to complete your sale
- If the personal portion of your vehicle is a loss there is nothing to report for that portion of the sale/trade.
@2naturesouls
@Melbres
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