Question

Sold uber car and bought a new one

Forum|Forum|5 years ago
May 3, 2021
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Sold uber car and bought a new one?

TurboTax Self Employed Online

You would include the sale of your car as a business property. The basis will be reduced due to the depreciation (or miles) you have taken.

You have the chance to either take actual expenses or standard miles on your new vehicle. If you claim the standard mileage rate in year one for this vehicle, you will have the option of deducting the standard rate or actual expenses in subsequent years. If you claim actual vehicle expenses in year one, you must choose actual expenses in every subsequent year for that auto.