AmandaR1
New Member

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:

  1. Log into the software and select the blue button Take me to my return
  2. Select Federal from the left side bar 
  3. Then select Income & Expenses from the categories along the top of the software 
  4. Scroll down and select Edit next to Self-Employment 
  5. Next select Edit next to the self-employed business
  6. Click Continue through the informational summary screens
  7. On the Income and Expenses summary screen, scroll down under Expenses and click Edit/Review next to Vehicle 
  8. You'll come to a summary screen of the vehicles you've entered, click Edit or Delete next to the vehicle 
  9. 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.