Question

No longer have business

Forum|Forum|2 years ago
February 6, 2024
1 reply
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Previously used business TurboTax. My husband retired in 2022. The Premier we are using now has the business deductions and such. How do I fix this? Husband was a rural mail carrier. We are no longer using our cars for business.

M

MonikaK1

When you start your 2023 return, answer the questions in the Personal Info section regarding any changes to your tax situation to guide the rest of the TurboTax interview for this year.

See this TurboTax tips article for more information about closing a business, including how to report the sale of business assets if needed. You will need to report that you are no longer using the vehicles for business. Converting the vehicle to personal use does not trigger a recapture of depreciation, but when you sell or trade in the vehicle, that's when depreciation is recaptured.

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