Yes, you can change cars. You are on salary, so you should not have taken any deduction for the car. Your wife is self employed, and probably did take a deduction for the SUV.
The SUV will be included in the assets of your wife's schedule C. It will make a difference if you used standard mileage rates, or if you posted actual cost. If you took standard mileage rates you can simply add the car. If you used actual cost you will have to dispose of the SUV, and then add the car (Depreciation would be a factor).
Go to the Business section of the return.
- Select Business Assets
- Yes, go to the asset summary
- Select the account you want to clear and dispose of it.
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