My specific situation is this.
Purchased a used truck in 2021 for $14379 used for personal use until mid 2022 then started being used for business June 2022 until sold for $3500 in 2024.
Business use:
2021 0%
2022 51%
2023 77%
2024 43%
Average of 43%
Depreciation was actual every year from the first year used for business totaling $6273.
Sales price: 3500 x 43% = 1505
Basis for gain/loss: 14379 - 6273 = 8106
When I enter these two numbers 1505 and 8106 in the respective questions on TT, they tell me I have a gain of $804. I don't see how I have a gain and I don't know where they get that number from.
Can you please help me understand?
I'm finding it so confusing because on the question about basis for gain/loss it says enter 100% of basis yet when you click the explanation of gain or loss basis, It says that you should use the original purchase price and subtract any depreciation.
When I enter $1505
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If you're using TurboTax for Desktop, you can review the calculation of the gain/loss for the sale of your vehicle on the Car & Truck Worksheet using Forms Mode. Disposition of Vehicle appears in Part VII, with the gain/loss on Line 53.
For TurboTax Online, you can download all forms and schedules from the Tax Tools menu in the left column after you open your return. You will need to pay for your return first. See Can I print a copy of my TurboTax Online return before I file it?
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