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April 6, 2023
Question

Schedule C is asking when I sold my truck. It was never sold. It's also asking for appreciation allowed.

  • April 6, 2023
  • 1 reply
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I had a business for 6 month of 2022. I no longer have that business. it's asking me for depreciation and when I sold my truck. I still own the truck.

1 reply

April 6, 2023

If you claimed Vehicle Expenses (either Standard Mileage or Actual Expenses) for a Business Vehicle, when you sell/trade the vehicle you may have to recapture part of the depreciation you claimed.  Even with Standard Mileage, about .25/mile is Depreciation.

 

If you didn't sell or trade in the truck, indicate that you 'stopped using it for business' in TurboTax, with a date.  Continue, and you will get a screen asking if you 'converted to 100% personal use', (meaning you didn't sell or trade).

 

TurboTax will still calculate a Vehicle Expense deduction for 2022 based on Business Mileage you enter. Keep record of Total Business Miles you claimed overall, since you will need that info whenever you do later sell/trade in. 

 

Here's more info on Using a Vehicle for Business.

 

@mdza236379