Schedule C Automobile question

Forum|Forum|3 years ago
April 16, 2023
1 reply
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I stopped using a vehicle for my business but still have it for personal use. TurboTax is insisting that I count it as sold or abandoned, opening up the whole can of worms for disposing of vehicle. How can I avoid all of this?

Rick138Author

I should add that my business is just a side business so my use of it was minimal anyway, in case that makes a difference.

JamesG1

To remove a vehicle from business use, follow these steps.

At the screen Let's get some info about this vehicle, select I stopped using this vehicle in 2022 and the date. Click Continue.
Continue to the screen Do any of these apply to the vehicle.
Select You started using it as a personal vehicle 100% of the time at any point in 2022. Click Continue.
At the screen Conversion to nonbusiness use, select Yes.

In some cases, you could be required to recapture excess depreciation if you drove this vehicle for business use 50% or less. See the Recapture rule under Learn more at the screen Conversion to nonbusiness use.

@Rick138

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