This vehicle can be taken out of service using the steps provided. Keep all records associated with this business vehicle until you dispose of it through sale, trade or junk. At that time there will be a taxable event.
When reviewing your vehicle information be sure to select 'Your percentage of business use of the vehicle varied over the years.' Next select Yes 'Did you convert the asset to nonbusiness use? This should eliminate any sales questions.
Open your TurboTax Desktop return
- Select Business Income and Expense
- Edit beside your business
- Select Business Vehicle > Edit
- Enter the date you stopped using this vehicle
- Continue to the screen 'Do any of these apply to your vehicle?'
- Select 'You started using it as a personal vehicle 100% of the time at any point in 2024'
- Yes > Did you convert this asset to nonbusiness use?
- Continue and you will finish your vehicle screens
@sam561
[Edited: 02/25/2025 | 1:08 PM PST]
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