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pgcs

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How do I enter a car purchased by owner for business when we sold our previous car to a private owner?

My husband uses his vehicle for his business and last year sold his car on his own and purchased another used vehicle from a private owner. How do I reflect this on our taxes? All I see is if it was a trade-in. It was not a trade-in at a dealership.

(Asked 03/22/09, Views 84)

Question has been solved by TurboTaxRayM

Answers (1)

TurboTaxRayM

Pro

You report the old vehicle as a sale and remove it from the vehicle section. On the screen Tell Us About This Vehicle There is a question Did you sell or stop using this vehicle for Business. Then you enter the new vehicle in the vehicle section as add a vehicle.

(Posted 03/23/09)

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