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: 
sj_13
Level 2

Turbo Tax Review says my vehicle depreciation allowed or allowable is too large on a car that was sold.

Turbo Tax Review says my "vehicle depreciation allowed or allowable is too large".  Sold the vehicle in July 2020 after using it 6 years for business.  I have no idea what or where to make changes.  Looking at the form  (Car and Truck Expense worksheet)  doesn't help as the line in red isn't something I can edit. (line 51)

 

Also, did some prep work on the car in the process of getting ready to sell.  Could that be a cost of sale expense instead of the normal business expense for the car?  (Oil change, smog check, and a couple of maintenance items).

2 Replies
AmeliesUncle
Level 11

Turbo Tax Review says my vehicle depreciation allowed or allowable is too large on a car that was sold.

TurboTax is NOT set up to report the sale of an asset (such as a vehicle) that has varies in business percentage from year to year.  It has problems on several levels.

 

You may want to go to a tax professional this year to properly report that.

sj_13
Level 2

Turbo Tax Review says my vehicle depreciation allowed or allowable is too large on a car that was sold.

Thanks! I played around with the numbers a bit and got it to work, though I don't understand why.  It wasn't much money, it just didn't seem to like what the entries were.

Dynamic AdsDynamic Ads
Privacy Settings
v