turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Food truck bought for business that was never used

Hello.  In 2021 our LLC bought a food truck with the intention of using it for business.  We ended up renovating it and buying equipment for it, but never depreciated anything because it was never used.  Now in 2023, we sold the truck at a significant loss, although our business did receive a check from the sale.  How do we account for this on this year's return?  Will the sale transfer onto our personal taxes, even thought we lost money on it long term? Thank you!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies