You'll need to sign in or create an account to connect with an expert.
Yes, you would be able to take a prorated deduction on your schedule C. How you will do it is you will go into the Business Vehicle expenses, then in the beginning questions it will say did you dispose of or stop using this vehicle. You will answer yes. Then you will enter $0 for the amount you disposed of it for ( or sold it for even though it was a sale). It will ask you your basis in the vehicle. This would be the Fair Market Value on the Jeep on the date of your grandmothers death.
Continue through answering the questions. You will need to know the miles you drove it for business and the miles you drove it for personal.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Tamlyn74
New Member
KausBose
New Member
Fuzzy Red Baron
Returning Member
uzonduisrael
New Member
betsy-leeman
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.