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lifeguard-nm
April 9, 2025
Question

In Schedule C (Car & Truck Expenses) worksheet, what does "Less than 5 at a time must be entered" mean?

  • April 9, 2025
  • 1 reply
  • 0 views
In 2023 I was self employed, however in 2024 I was employed (W2) but Turbo Tax is asking about a truck that I used while I was self employed, what do I do?

1 reply

KrisD15
KrisD15
April 9, 2025

You should "Close-out" the business (Schedule C) if the business will no longer be reported. 

At that time, go to your business assets, the truck will be listed. 

Report that the truck was "Converted to Personal use".

Keep a record of the depreciation taken on the truck as this MIGHT be needed when you eventually sell the vehicle. 

 

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