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tiredbaily
Returning Member

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.
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1 Reply
Cynthiad66
Expert Alumni

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

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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