Question

Asking for date vehicle sold but vehicle has not been sold

Forum|Forum|4 years ago
March 21, 2022
2 replies
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TurboTax Self Employed Online

That question appears if you either checked that you stopped "using the vehicle in 2021," or if the dates it was in use, falls short of the year end. Meaning if you the vehicle was used between 6/1 and 9/1, system assumes it was sold. If you did not stop using the vehicle, they would not ask about the sale of business vehicle.

C

Cynthiad66

If you stopped using the vehicle during the year you have to dispose of the vehicle, for tax purposes.

The best practice would be to dispose of the asset when you are no longer using it.

To do this in TurboTax,

from the left menu, select Federal>
Income & Expenses>
Self-Employment Income & Expense click Revisit>
Pick your business and click Edit>
Scroll down to the expenses to Vehicle and click Edit
On the Vehicle Summary, next to the vehicle, click Edit
Check the box for I stopped using this vehicle in 2021

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PatriciaV

Employee

If you stopped using the vehicle for business but did not sell it, report that you converted it to personal use. This will avoid any questions about a sale. You'll find this question under the Vehicle Information page for that asset.

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