The car I originally used for my business was repossessed in April 2022. I purchased a different vehicle in May 2022. I began using the new vehicle for business purposes in May 2022. I didn't tell my tax preparer about the repossession because I was embarrassed, so they depreciated the vehicle for the entire year.
A) I would like to fix this without amending. How can I do this in Turbotax? (If it must be amended then I will amend it).
B) Going forward, if I experience a mid-year repo again, how would I enter it into Turbotax?
1) How would I enter the repo to remove it from the business and enter the replacement vehicle to add it to the business.
2) If I previously took section179 for the repossessed vehicle, how would I recapture it and apply it to the replacement vehicle.
Thank you