Question

Trade in of vehicle used for business -

Forum|Forum|6 years ago
March 1, 2020
1 reply
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I own one vehicle that I use for personal & business. Traded my 2015 car (11/27/19) for same model 2020. Also using 2020 for personal & business. I'm challenged on how to enter this activity into TurboTax?

K

KarenM90

When you go through the business vehicle section in TurboTax, it will ask you if you disposed of the vehicle in 2019 and the program will walk you through the steps to determine the "sales price" which will be the value you received for the trade in.

You will need to go back to the 2015 Auto in under your business and indicate in Turbo Tax that is was disposed of in 2019, then continue through the on-screen prompts.

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