How do I enter my vehicle repossessed by lender on my taxes? I am self employed and used the vehicle for business and personal in a failing business during 2024

If you only used the vehicle in the current tax year, add the information under Expenses >> Vehicles. Follow the prompts to enter the information for your vehicle and the business miles for the year. Be sure to check the box for "I stopped using this vehicle in 20XX" so TurboTax will ask you additional questions about the disposal.

If you previously reported this vehicle on Schedule C for your self-employment, edit your Vehicle Expenses and tell TurboTax that you stopped using it for business. Since it was repossessed, you "sold" it for zero dollars. This information will allow TurboTax to calculate a gain or loss on the vehicle and remove it from your return next year.