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Disposed of vehicle used for two businesses and personal use, Two SE Schedules make my tax on income of trade double.
I have used a vehicle for business use in two separate businesses. In each one I used the standard mileage for expenses. I traded it in on a newer vehicle in 2024. Filling out the forms in Turbo Tax, I am having to claim the same income from the trade on two SE Schedules (one for each business). This doubles my tax liability. I don't think I should be paying double taxes on the same vehicle. Isn't there a way to correct this in Turbo Tax?
‎February 27, 2025
9:18 PM