I am still very confused on this. I am on this page now in Turbotax after I deleted my new vehicle and started over. I put sold on the sold auto. Now this page says:
Did you Trade in your Toyota Rav4 for another vehicle? Answers are either:
Yes - I did trade in my vehicle and started using a new vehicle for business right after I bought it OR
No - I didn't trade in my vehicle for another vehicle or didn't use the new vehicle immediately after purchased for business.
I didn't trade my vehicle, but did sell it to a private party and immediately used the new vehicle for business. So, it seems like I should select Yes.
If I don't select yes and don't treat as a trade, it has to be accounted for somewhere? Not just end. There was depreciation, etc. to deal with. Where would that occur otherwise? I would assume I would end up with a gain or loss and possible tax consequences. I read the Internal Rev document and can't make sense of this aspect.
