DianeW777
Expert Alumni

Investors & landlords

The vehicle can be removed from service by taking the steps below and it will not carry over to another tax year. Please remember until this vehicle is sold, traded or junked it must be a taxable recordkeeping item. If any of those actions occur it will be a taxable event.

 

When reviewing your vehicle information be sure to select 'Your percentage of business use of the vehicle varied over the years.' Next select Yes 'Did you convert the asset to nonbusiness use?' This should eliminate any sales questions and you can use 01/01/2024 as the date of the conversion .

 

Open your TurboTax Desktop or TurboTax Online return

  1. Select Business Income and Expense or Income and Expenses
  2. Scroll to Rent, Royalty, Revisit or Update Edit beside your rental
  3. Select Business Vehicle > Edit
  4. Enter the date you stopped using this vehicle
  5. Continue to  the screen 'Do any of these apply to your vehicle?'
  6. Select 'You started using it as a personal vehicle 100% of the time at any point in 2024'
  7. Yes > Did you convert this asset to nonbusiness use?
  8. Continue and you will finish your vehicle screens (enter miles for the year and zero business miles)

Once completed it should not carry forward to 2025.

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