Question

I switched vehicles in 2020 and I think it mistook that as selling my vehicle which I did not. I traded it in for a newer model. How do I fix this ?

Forum|Forum|5 years ago
February 26, 2021
1 reply
0 views

This was not a business vehicle though I used it for work a majority of the time. I actually drove the newer vehicle longer 7 months , the older one 5 months. how do I fix this?

TurboTax Deluxe Online

AmyC

Employee

Only vehicles used for business should be reported. If it was not used for business, it should not be entered.

You used to report a vehicle traded in for another. The laws changed. Now you report it as sold for the price of the trade in value. It sounds like your taxes are correct, if this is a business vehicle.

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C

cheryl9Author

Thank you Amy that only answers part of my question. I think the computation is not correct because I put in the wrong amount for the trade in value. I need to go back into the application. The dealership paid off the 9995 I owed on the 2016 Versa it is original value was 12000, not 16000 dollars. How do I make this correction?

C

Cynthiad66

Here is how to get back to the interview questions;

Follow the steps below to let TurboTax know you did not sell/trade your business vehicle:

1. Select "Business" at the top of the screen

2. Choose "Continue", then "I'll choose what I work on"

3. Select "Start" next to "Business Income and Expenses"

4. Select "Edit" next to your business name

5. Scroll down to Business Expenses

6. Now select "Update" next to "Business Vehicle Expenses"

7. Select "Edit" next to your vehicle(Or select "Delete" to remove the vehicle completely)

8. Continue until you get to a screen titled, "Are You Still Using Your Vehicle for Business?", and select "Yes, I am still using the Vehicle for business".

Note: If you want to remove the vehicle completely see the quotations in step 7.

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