topic Re: changing personal/business cars mid year in Deductions & credits

changing personal/business cars mid year

Tamlyn74 — Wed, 11 Feb 2026 09:46:46 GMT

I was using a vehicle that I was still paying on for the majority of 2023 for personal and business use. In October I traded that in and got a different vehicle which was being used for personal and business usage. I am not sure how to file taxes and include getting rid of one car and using a different car

Re: changing personal/business cars mid year

KristinaK — Fri, 10 May 2024 15:47:15 GMT

You will need to "dispose of" your first vehicle in the Asset section of TurboTax. The trade-in value will be your sale price.

Then you enter the new vehicle as a new asset.

Re: changing personal/business cars mid year

Tamlyn74 — Fri, 10 May 2024 17:56:01 GMT

I still owed a lot on it. They gave me $12,000 trade-in value towards the next one so it still left quite a bit added on to the new vehicle.