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If you didn't use the vehicle this year and plan not to use it again, you can tell TurboTax that you disposed of the vehicle, even if you just stopped using it. You would then answer the prompt for sales price as being $0.
But if you plan to use the vehicle at some point in the future for this business, you will need to report your total mileage. Enter zero for business miles. This will preserve the vehicle information without taking a deduction.
If you didn't use the vehicle this year and plan not to use it again, you can tell TurboTax that you disposed of the vehicle, even if you just stopped using it. You would then answer the prompt for sales price as being $0.
But if you plan to use the vehicle at some point in the future for this business, you will need to report your total mileage. Enter zero for business miles. This will preserve the vehicle information without taking a deduction.
@PatriciaV Would marking this vehicle as ‘disposed’ only apply to this specific MLM job? I plan on using the same vehicle for another self-employment business in 2025 that I haven’t started yet.
Yes. Disposing of the vehicle will just remove it from the current business. You will be able to add it to the new business that you are creating later.
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