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Business & farm
TurboTax is not set up to report the sale of an asset (including a vehicle) that has varied in business percentage from year to year.
Did you purchase the vehicle in 2013 (when you started using for business)? If so, at first glance you have a LOSS, not a gain. However, because you sold it to a "related party", the loss is not allowed.
Because you don't have a gain or a deductible loss, I would just tell TurboTax that you converted it to personal use, which will get it off your tax return and property give you no gain or deductible loss.
March 25, 2024
11:08 AM