You can enter the sale of the business portion of your auto under the business vehicle section. Once in this section, you will select the option that your vehicle is no longer used for business. TurboTax will have entries for the date of sale and the amount you received for the sale as well. TurboTax will automatically transfer any gain from the sale to the appropriate forms. However, if your business use percentage changed each year, TurboTax cannot calculate the gain information for the sale. This will need to be entered manually and TurboTax will provide these entries during the Review process.
Follow these steps to enter the sale of your vehicle in TurboTax:
- In the search button at the top of the screen, Type vehicle expenses, self-employed business
- Click Jump to vehicle expenses, self-employed business
- Continue until you see the Business Expenses screen
- Select Cars, Trucks and other vehicles
-
Enter the sale of your vehicle information when prompted
