We are an LLC and I am trying to convert a business vehicle to personal use. The problem is that there is not an option to select "converted to personal use" OR "special handling required." I selected "disposed of by some other means" and there is not a screen that pops up asking if special handling is required. Now the problem with this is that it ends up showing up as a Loss to Net Income in the amount of the remaining basis plus the depreciation for a half year.
My Assets and Liabilities DO balance, but my Net Income in Turbo Tax differs from what I have in our books. Should I just code the distribution in my books as a loss or is there a better way?
