New auto put into use for 2024

[gailkubo]

Will be replacing auto for my business. What do I do about the old one that’s fully depreciated and worthless? Broken axle and needs new transmission. Gave to my grandson for parts.

[MindyB]

You will indicate that the old one was retired and create a new asset for the new car. 

In order to add a new vehicle and retire the old, here are the steps:

1. Navigate to Federal > Wages & Income > Self-employment income and expenses
2. Edit your business 
3. Choose add expenses for this work
4. Choose pencil icon to the right of vehicle expenses
5. Add another vehicle for the new purchase
6. Go back to the vehicle summary again after that, and choose the pencil next to the old one to edit
7. On the screen Let's get some info about this vehicle, indicate you stopped using the vehicle in 2024
8. When you see the screen asking for sales price, enter $0 since you gave it away.