Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
ketanb20
Returning Member

Sale of Car/Schedule E - Car and Truck Expense

I was using car for personal and traveling for rental properties work. I sold the car in 2019 for fraction of what I purchased. It asked for % of the business value from the sale which I entered and it automatically calculated Depreciation allowable and AMT Depreciation allowable field for both the properties which is more the % of the sale price of the vehicle. Its showing me error and there is no way for me to edit it. Need help.

4 Replies
MStephensCCL4202
New Member

Sale of Car/Schedule E - Car and Truck Expense

Same Question, need an answer!!

I was using car for personal and traveling for rental properties work. I sold the car in 2019 for fraction of what I purchased. It asked for % of the business value from the sale which I entered and it automatically calculated Depreciation allowable and AMT Depreciation allowable field for both the properties which is more the % of the sale price of the vehicle. Its showing me error and there is no way for me to edit it. Need help.

AmeliesUncle
Level 11

Sale of Car/Schedule E - Car and Truck Expense

TurboTax does not calculate the sale of an asset (such as a vehicle) that has varied in business percentage from year to year.  You either need to manually figure out the numbers and enter it in the "Sale of Business Property" section or go to a tax professional.

ketanb20
Returning Member

Sale of Car/Schedule E - Car and Truck Expense

It doesn't offer an option to manually remove the depreciation. Even if I enter the sale price higher for it to be greater than depreciation, it still gives the same error. Seems like some bug in your software

AmeliesUncle
Level 11

Sale of Car/Schedule E - Car and Truck Expense


@ketanb20 wrote:

It doesn't offer an option to manually remove the depreciation. Even if I enter the sale price higher for it to be greater than depreciation, it still gives the same error. Seems like some bug in your software


As I said above, you CAN'T report the sale in the vehicle section.  If you do, it will be wrong.  You need to manually calculate things and enter it in the "Sale of Business Property" section, or go to a tax professional.

Dynamic AdsDynamic Ads
v
Privacy Settings