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
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
kinnucanr
New Member
sarah54382100sar
New Member
Davearnoth
New Member
ickatank
New Member
aclin
Returning 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.