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Deductions & credits
As leeloo posted, you need to dispose of the vehicle for tax purposes and enter the information for your new vehicle.
To do this in TurboTax Online you can follow these steps:
- Using the magnifying glass near the top right of the page search for Schedule C
- Use the Jump to link that shows in the results
- Click Edit for your line of work that has the vehicle
- Under Expenses click Edit for Vehicle
- Click Edit for the vehicle you need to dispose of
- On the Let's get some info about this vehicle screen, check the box for I stopped using this vehicle in 2022
- Answer the questions about the business usage of the vehicle until you get to the Sales price screen
- Answer the questions related to no longer using this vehicle
- You will return to your Schedule C when you finish, click Edit for Vehicle again
- On the Vehicle Summary screen, click Add another vehicle and enter the information for your new car
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‎February 15, 2023
8:14 AM