If you have been claiming expenses for your Business Vehicle, go to your Self Employment Expenses. Type 'schedule c' in the Search window, and 'Jump to schedule c' to get there.
Edit your Vehicle, and indicate you 'stopped using it for business' on 1/1/18 (screenshot). TurboTax will ask questions about ownership, other vehicles, business mileage in 2018, etc.
Since you traded in the vehicle, you could enter $0 as a sales price, and subtract the amount of trade-in you received from the new vehicle's basis when you enter it as a Business Asset.
Or, you could report the Sales Price as the trade-in amount, and set up the new vehicle with a cost basis of what you paid for it.
When entering these amounts use the % of Business Use as your entries.
If you have been claiming Standard Mileage for your business mileage, depreciation is included in the deduction.
Here's how to calculate the Standard Mileage Depreciation Equivalent (use the same amount for 'Basis for gain/loss' and 'Basis for AMT gain/loss'):
"Depreciation equivalent for total miles is a small portion of depreciation that is included (by default) when using standard mileage rate for your business car. When you take standard mileage rate while deducting your business car miles, you must account for 'depreciation equivalent' when disposing of that car.
The IRS provides a table with the depreciation equivalent rate for each year (page 24 of the link, IRS publication 463)
2012 and 2013: rate is $0.23/mile
2014: rate is $0.22/mile
2015 and 2016: rate is $0.24/mile
Example: You drove 1000 miles as business miles in 2014, 2015 and 2016 and took standard mileage deduction for each year. To calculate your depreciation equivalent - when disposing your car - you must know how many business miles you drove and the depreciation equivalent rate from the IRS (which I listed above). The calculation is as follows:
2014: 1000 miles times $0.22 rate = $220
2015 and 2016: 2000 miles times $0.24 rate =$480
Your total depreciation equivalent (also called total prior depreciation) is $700 (the same amount applies to AMT). Note: When depreciation equivalent is added, it changes your cost basis for the car.
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