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February 14, 2022
Question

I sold 2 cars and bought 2 cars for my business they are all financed. How do I report that on my taxes?

  • February 14, 2022
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1 reply

ColeenD3
February 14, 2022

On Schedule C, you would enter the sales in the Vehicle section of Expenses. Work through one complete sale and then begin the other. Once done, you can enter the other two vehicles you purchased. 

 

Since this is your first year with the two new cars, you have the option of standard miles or actual expenses. Please see this LINK for a discussion of the benefits of each.

 

To enter expenses on Schedule C:

 

  1. After signing into TurboTax, select "Take Me to My Return"
  2. Type "Schedule C" in the search field at the top right hand of the screen.
  3. Select "Jump To Schedule C" and you will be brought to the section of TurboTax where you can enter or have entered your business income and expense information.