Disposed of asset or retired from business use

Forum|Forum|6 years ago
June 7, 2019
3 replies
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When I go through turbo tax it asks if I converted an asset to personal use (among other things), when I say yes it asks a date that I sold of disposed of my asset. I did not enter a date because I did not sale or dispose of the asset, just converted to personal use. When I finish with the section and look at the summary for that asset it than tells me that the asset was not sold of retired from business use in 2015...But it was?? Help?

TurboTax Self Employed Online

Best answer by PatriciaV

Although it says "date you sold or disposed of" the asset, ending its use for your business is essentially the same thing for tax purposes.

Return to the business asset section and enter the date you stopped using the asset for business.

If asked, you should also report that the sales price was zero (since you didn't sell it).

Completing those two questions should remove the asset from your business and report the retirement.

PatriciaVAnswer

Employee

Although it says "date you sold or disposed of" the asset, ending its use for your business is essentially the same thing for tax purposes.

Return to the business asset section and enter the date you stopped using the asset for business.

If asked, you should also report that the sales price was zero (since you didn't sell it).

Completing those two questions should remove the asset from your business and report the retirement.

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budandrox

I did enter the date I stopped using the asset for business and entered 0 for the sales price but it is still insisting that I fill in the mileage and other info about the vehicle that was used in my business before I retired.

Carl11_2

Employee

If you are being asked for a sales price, you're messing up on your end.

THere's a screen that asks "did you convert this asset to nonbusiness use?" You must select YES. If you select no, then it's assumed you sold the vehicle and you will be forced to enter a sales price.

pamelaw927

I completely agree with what you said. However, TT does not give me that option. Here are my options:

sold

stolen

a casualty loss

given away

disposed of by some other means (examples are recycled)

I have tried to search for "convert to personal" and other phrases but nothing shows up. Where do I find this option?

Forty-niner

In error in 2016 I entered a house on our ranch as rental property which it is not and never has been. On TT Business in preparing Form 1065 I want to convert it to personal use but cannot find a way to do that.

RobertB4444

To clarify, which of the issues on this thread have you run in to? There are several solutions here for the issues on the thread, have you tried those yet?

@slb5