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JayTemple
Level 1
March 13, 2025
Question

How do I report the conversion of a vehicle that was used for a Schedule C business to a personal use vehicle? Where do I report "converted for personal use? (Lacerte)

  • March 13, 2025
  • 1 reply
  • 7 views
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1 reply

sjrcpa
sjrcpa
Level 15
March 13, 2025

Enter a disposition date and do not enter anything in sales price.

If it was >50% business use, see if you have to recapture depreciation/Section 179.

I don't think there is a "converted to personal use" box.

The more I know the more I don’t know.
    K
    Karen_pdx
    Level 5
    March 14, 2025

    Wouldn't you also have to click the box for "Personal loss" so that any undepreciated nbv does not carry to the Form 4797 as deductible?

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