DianeW777
Expert Alumni

Business & farm

Yes, we can help.  I would suggest you select it was sold/disposed of and then enter the date.  Take down all of the prior depreciation for each (assuming the vehicle is listed twice for two different businesses). Indicate that it was not sold, simply removed from service.

  1. Add the percentage of business use for each year together for the life of the asset (from first year and every year you used it for business before trading it) for each business, separately. Or take down all business miles for all years both businesses. 
  2. Take the total business miles divided by the total miles (all years both businesses) for the actual business use percentage.
  3. Multiply that percentage by the original full cost of the vehicle. This is the business portion of the original cost basis for the vehicle. 
  4. Write down the total depreciation expense for all years.  One total for each business, then add them together. This is the total depreciation used on the vehicle. 
  5. Now you are ready to enter the sale of the vehicle under Sale of Business Property (not the business activities).

To record the sale of a business asset (vehicle) outside of the business/asset entry.

  1. Sign into your TurboTax account:
    1. Select that you disposed of the asset and answer the questions as though it was disposed of
    1. Under Wages & Income >Other Business Situations > Sale of Business Property >Start or Revisit > Enter your sale
    2. See the images below for assistance.

Please update the issue if you need further clarification

 

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