Question

Disposed of vehicle used for two businesses and personal use, Two SE Schedules make my tax on income of trade double.

Forum|Forum|1 year ago
February 28, 2025
1 reply
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I have used a vehicle for business use in two separate businesses. In each one I used the standard mileage for expenses. I traded it in on a newer vehicle in 2024. Filling out the forms in Turbo Tax, I am having to claim the same income from the trade on two SE Schedules (one for each business). This doubles my tax liability. I don't think I should be paying double taxes on the same vehicle. Isn't there a way to correct this in Turbo Tax?

V

Vanessa A

No, you should not be paying the tax twice on the same trade.

If you used the vehicle 100% for those 2 businesses equally, then when you report the sale on each business you will enter only half of the sale price. Or if you used it 70/30, you would allocate the sale price 70/30.

If you had personal use of the vehicle then you would allocate the sale price between the two businesses and personal.

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