Question

New car, old car

Forum|Forum|3 years ago
April 14, 2023
1 reply
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How do I put the miles on a car I used for work until 06/01/2022, then I bought a new one for work, then used the car for the remainder the year.

Also, how can I go back and modify all my expenses in my turbotax computer account?

TurboTax Self Employed Online

AliciaP1

You need to enter the end date of using your vehicle by marking the I stopped using this vehicle in 2022 line. Then you will add your new car and it's information as another vehicle.

To do this in TurboTax Online you can follow these steps:

Using the magnifying glass near the top right of the page search for Schedule C
Use the Jump to link that shows in the results
Click Edit for your line of work that has the vehicle
Under Expenses click Edit for Vehicle
Click Edit for the vehicle you need to dispose of
On the Let's get some info about this vehicle screen, check the box for I stopped using this vehicle in 2022
Answer the questions about the business usage of the vehicle until you get to the Sales price screen
Answer the questions related to no longer using this vehicle
You will return to your Schedule C when you finish, click Edit for Vehicle again
On the Vehicle Summary screen, click Add another vehicle and enter the information for your new car

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A

aldinho777Author

Thank you so much!
What if I have the app version I guess? I bought it at Costco, and just downloaded it to my computer. Is it the same process?

J

JohnW152

It's pretty close to the Online path:

Type schedule c in the search box
Select the Jump to schedule c link
Select Edit next to your business, or Add Another Business if you haven't entered your business income yet
Page through the income-related screens until you get to the Business Expenses screen
There, select Start to the right of Cars, trucks, and other vehicle expenses
Answer Yes on the Any Vehicle Expenses or Sales? screen
Begin entering your vehicle information the Tell us about your business vehicle screen