Business use of automobile

ccj2012 · #1 (**permalink**) 03-19-2015, 03:03 PM

I opened a retail business on 07/02/2011 and closed it on 07/01/2012. I used my own automobile for the business. I kept the automobile until it was repossessed on 09/16/13. I am using Turbo Tax and I do not know how to show this on my 2012 taxes. I have answered all the questions. Although I showed that I still owned the automobile after 07/01/2012. I know I cannot show the repossession. Turbo is showing that I sold the automobile on 07/01/2012. I asked a Turbo Tax assistant about this and got no reply. I have paid my taxes but have not filed them yet.

Wnhough · #2 (**permalink**) 03-20-2015, 02:11 AM

Quote:

Originally Posted by ccj2012

I opened a retail business on 07/02/2011 and closed it on 07/01/2012. I used my own automobile for the business. I kept the automobile until it was repossessed on 09/16/13. I am using Turbo Tax and I do not know how to show this on my 2012 taxes. I have answered all the questions. Although I showed that I still owned the automobile after 07/01/2012. I know I cannot show the repossession. Turbo is showing that I sold the automobile on 07/01/2012. I asked a Turbo Tax assistant about this and got no reply. I have paid my taxes but have not filed them yet.

I guess only the vendor knows how to show the repossession on your 2012 taxes. Please keep in touch with technicians for tech help.