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Get your taxes done using TurboTax
When you stop using a vehicle for business, a portion of the deduction for depreciation, can be recaptured as income. However, this only applies if you have a gain and usually you will have a loss when you stop using or sell a vehicle.
In TurboTax, you'll select sold or disposed of to report that you no longer use the vehicle for business. If you didn't sell it, then put "$0" for the sale price. You can return to the vehicle to Edit it or Delete it using the following steps:
- Log into the software and select the blue button Take me to my return
- Select Federal from the left side bar
- Then select Income & Expenses from the categories along the top of the software
- Scroll down and select Edit next to Self-Employment
- Next select Edit next to the self-employed business
- Click Continue through the informational summary screens
- On the Income and Expenses summary screen, scroll down under Expenses and click Edit/Review next to Vehicle
- You'll come to a summary screen of the vehicles you've entered, click Edit or Delete next to the vehicle
- If you edit, you'll be able to review your answers about your vehicle. On the first screen, at the bottom of the page, you'll see a check box for I stopped using this vehicle in 2017.
‎June 4, 2019
12:39 PM