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Business & farm
@Papavictor
Yes, if you can no longer use the vehicle for business, the remaining value of the vehicle will be claimed as a loss.
To report this in TurboTax, edit the vehicle and check the box for "I stopped using this vehicle in 2021" on the page titled "Tell us about your business vehicle." Enter the date you stopped using it. Later in the interview, you will see the "Sales price" page. Click the link "how to determine the sales price" for more help. Enter zero or leave the sales price blank to claim it as a loss.
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‎February 21, 2022
5:15 AM