Question

Sale of Personal Vehicle and Side Business

Forum|Forum|1 year ago
February 4, 2025
1 reply
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I use my personal vehicle to drive to my side high school referee job. I only used it to drive to and from 50-60 games throughout the year, then list that milage for a business deduction. I sold my vehicle and bought a new one.

I checked the box under Business Vehicle Expense for "I stopped using this vehicle in 2024" where I normally put the miles I used to get to and from games. I'm not sure how to enter the rest of the information. Do I check "Yes I own this vehicle"? I owned it before selling it, but I no longer own it. It also eventually asks about the Sale Price because I stopped using this vehicle for business. I left that blank since there was no Business Portion of the sale, but then it asks for the Vehicle cost since I did not claim depreciation. Am I supposed to put anything in there? What about basis for gain/loss?

R

RobertB4444

Yes, you do need to enter all of this information. You were entitled to claim depreciation for the vehicle for its business use percentage while you were driving it to and from the games. Even if you didn't that portion of the sale price is subject to depreciation recapture.

So yes, you did own the car. You'll enter in the sale price and what you paid for the car. The basis is what you originally paid for the car.

@steve60050

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