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February 22, 2025
Question

Where is the sale of a car used for business reported?

  • February 22, 2025
  • 1 reply
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Where is the sale of a car used for business reported in Turbo Tax, using Step-by Step ?

LM--2025

    1 reply

    February 22, 2025

    The sale of a business vehicle is reported as follows: 

     

    Be sure to mark the vehicle as converted to personal use

     

    Next enter your Sale of Business Property

    1. Income at the top
    2. Scroll down to Other Business Situations
    3. Select Sale of Business Property
    4. Select Sales of business or rental property that you haven't already reported.
    5. Answer 'Yes' to Do all of the following apply...?
    6. Enter your sales information, do not make an entry for depreciation (no zeros)
      1.  Description of the Property (Vehicle made/model/year)
      2. Sales Price/Sales Expenses 
      3. Date acquired and date sold
      4. Sales Price
      5. Cost
      6. Depreciation
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    LM--2025Author
    February 25, 2025

    Hi Diane

    Determined why I was getting errors and not the correct gain.  After I finally found where to check off that the vehicle was converted to personal use, all numbers flowed into place (without errors).

     

    Thank you for solving my problem!

    Linda