I used my car for ride sharing in the past but stopped ride sharing business in 2023. Do I need to pay back anything in taxes?

Forum|Forum|2 years ago
February 13, 2024
1 reply
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PatriciaV

Employee

No, your use of the vehicle in prior years was appropriate. Be sure you indicate that you stopped using the car for business and provide the date if asked. If you used the vehicle for business during the year, you may still qualify for the mileage deduction. TurboTax will help you determine if you qualify as you work through that section of the program.

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ant2024Author

I plan to just delete the business since I did not do any work in 2023. Where and how do I enter the stop date?

DawnC

Employee

If you are deleting the business Schedule C, you won't be entering a stop date. If you are entering expenses and want to keep the business on your return, you can tell TurboTax, you stopped, sold, or disposed of your business in 2023.

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Don't delete your business if it closed sometime in 2023. Instead, report the business and make sure you select I stopped [your business] in 2023 on the Tell us about how long you've worked in [your business] screen.

Otherwise, follow these instructions to delete a business that transferred over from your 2022 return but is no longer owned by you as of January 1, 2023.

Instructions

With your return open, search for business (schedule c). Be sure to include the parentheses.
Select the Jump to link in the search results.
On the Your 2023 self-employed work summary screen, select the trash can icon next to the defunct business.
Select Yes, delete this info to confirm the removal of all business-related forms.