Business & farm
Yes, if you have been claiming Standard Mileage, part of that deduction is depreciation.
Indicate in TurboTax that you 'stopped using the vehicle for business'. You can use a Sales Price of $0.
You will need to calculate the amount of Depreciation Taken, using the Depreciation Equivalent Tables.
Multiply the number of Business Miles you claimed each year by the amount shown for that year in the following table (page 24 in IRS Pub. 463) to determine your 'Prior Depreciation' amount to enter in TurboTax.
It is possible to have a Gain on the Sale/Disposition of a Business Vehicle, depending on how long it was used and % of Business Use.
Once you have determined the current cost basis of the vehicle (business portion of value when placed in service, less depreciation taken) and the Sales Price (if sold or traded in), TurboTax will calculate a Gain/Loss for you.
Click this link for more info on Disposition of a Business Vehicle.
