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.
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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.
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.
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
@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.
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