You purchased your business vehicle as part of a trade-in then
and need to handle the trade-in for the old business vehicle. Just to walk through the interview for this trade-in by following these
steps:
For your old business vehicle:
- Go to the Federal Taxes tab
- Go to Wages and Income
- Select I'll choose what I work on
- Click Update on the line for Business Income and Expenses (Sch C)
- Click Edit on the line for your business
- Follow the prompts until you come to the page Business Expenses
- Click Start/Update on the line for Cars, trucks, and other vehicle expenses
- Click Edit on the line for your old vehicle
- Indicate that you own the vehicle
- Follow the prompts until you come to the page Are You Still Using Your vehicle for Business and answer No then enter the date you sold it
- Follow the prompts until you come to the page Did You Trade in Another Vehicle to Purchase this vehicle?This may be where you have entered that it was purchased as a trade-in. Answer accordingly
- Follow through the prompts and you will be guided to a page titled Trade-In Link
- Click on the Edit Trade-In button and make sure the vehicle in the list given is highlighted, then click Delete
- You will be taken to a Delete Confirmation page and you will answer Yes. This will remove the Form 8824 which is tied to trading in a vehicle
- Follow the prompts to indicate that this vehicle was sold, not
traded in, and to enter in any relevant information regarding this sale.
