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Level 1
June 5, 2021
Solved

Depreciation allowed/allowable

  • June 5, 2021
  • 1 reply
  • 31 views

Can somebody help me understand what this means I how I can fix it:

    Best answer by AmeliesUncle

    That error comes about because TurboTax is not set up to report the sale of an asset that has varied in business percentage from year to year (such as a vehicle).

     

    You need to either (a) manually calculate the numbers and report it in the "Sale of Business Property" section (if you do that, go to the vehicle section and tell it you converted it to personal use) or (b) go to a tax professional for this tax return.

    1 reply

    Level 15
    June 5, 2021

    That error comes about because TurboTax is not set up to report the sale of an asset that has varied in business percentage from year to year (such as a vehicle).

     

    You need to either (a) manually calculate the numbers and report it in the "Sale of Business Property" section (if you do that, go to the vehicle section and tell it you converted it to personal use) or (b) go to a tax professional for this tax return.