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Using TT 2021 Premier for MAC. Sold Rental House and had previously expensed mileage and there is now an asset sheet for the vehicle. What are next steps for vehicle?

Forum|Forum|4 years ago
April 14, 2022
1 reply
0 views

The vehicle has not been sold. It was converted to personal use and since only mileage was claimed, there we no depreciation taken.

TurboTax Online

Best answer by Jack1975

Thank you! That seemed to handle the situation.

Employee

Go to the vehicle asset page, edit the vehicle, then check the box for "I stopped using this vehicle in 2021." Continue to the page "Do any of these apply to [vehicle]?" Check the box for "You started using it as a personal vehicle 100% of the time..." With this option, there is no gain or loss to report. Check the Learn More link beside this option for more info.

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Jack1975AuthorAnswer

Thank you! That seemed to handle the situation.