Question

I traded in my car for a new car. Both were/are partly used for business (but mainly personal). The only deductions I've ever taken are mileage. How should I report this?

Forum|Forum|4 years ago
April 14, 2022
1 reply
0 views

I'm self-employed, and both cars were/are primarily for personal use, but occasionally I use them for business-related mileage. I don't see a place to indicate that I traded in my car. The trade-in took place in December, and I haven't yet used the new car for any business-related driving.

TurboTax Self Employed Online

AliciaP1

If you didn't use the car in 2021 for business you can just report the mileage for the previous vehicle. When you complete your 2022 tax return, you will simply change the vehicle year, make, and model and report the full year of 2022 mileage for business.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

S

shoesnshipsAuthor

Thank you, Alicia. My concern is that Turbotax is asking for the sales price (business portion only) of the old car, what its value was when I started using it for business, etc. (because I have checked "I stopped using this car in 2021."), I'm confused about how to answer these questions as safely as possible, since I'm not sure of many of the numbers. I traded my car in rather than selling it, and the percentage of use for business was 10% at the very most.