I need to claim that I disposed of a car not sold. How do I do this?

I had a vehicle that was totaled in a crash. So I stopped using it for business. I claimed that I stopped using it but where do I put in that I disposed of it instead of sold it? All I see is where to put in the sale price.

248

Expert Alumni

Mar 17, 2021 9:40:58 AM

The best practice would be to dispose of the asset when you are no longer using it.

To do this in TurboTax,

from the left menu, select Federal>
Income & Expenses>
Self-Employment Income & Expense click Revisit>
Pick your business and click Edit>
Scroll down to the expenses to Vehicle and click Edit
On the Vehicle Summary, next to the vehicle, click Edit
Check the box for I stopped using this vehicle in 2020

Per @KathrynG3

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I need to claim that I disposed of a car not sold. How do I do this?