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Business & farm
@MarilynG1 wrote:
Indicate in TurboTax that you 'stopped using the vehicle for business'. You can use a Sales Price of $0.
Absolutely DON'T enter a sales price of $0. Say you converted it to personal use.
If/when you sell it, you would report the sale in the "Sale of Business Property" section, using your MANUALLY calculated numbers. TurboTax is NOT set up reporting assets/vehicles that varied in business percentage, so you either need to manually do some calculations or go to a tax professional.
March 6, 2023
10:38 AM