Question

changing personal/business cars mid year

Forum|Forum|2 years ago
May 6, 2024
1 reply
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I was using a vehicle that I was still paying on for the majority of 2023 for personal and business use. In October I traded that in and got a different vehicle which was being used for personal and business usage. I am not sure how to file taxes and include getting rid of one car and using a different car

Not A Product Question

Employee

You will need to "dispose of" your first vehicle in the Asset section of TurboTax. The trade-in value will be your sale price.

Then you enter the new vehicle as a new asset.

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I still owed a lot on it. They gave me $12,000 trade-in value towards the next one so it still left quite a bit added on to the new vehicle.