Vehicle sale calculating entire sale price as gain

[PCF]

I used a new vehicle for a small percentage of its mileage for my rental property, so I took the standard mileage deduction.  I have now sold the vehicle (traded it in) and TurboTax is calculating the entire sale price as a gain:

Business portion of purchase price        1,703

Depreciation portion of mileage                215

Adjusted Basis                                            1,488

Business portion of sale price                    597

Loss                                                                 891

TurboTax says my gain was 597.  I calculate a loss of 891.  Can anyone explain this?

Thanks!

[ThomasM125]

TurboTax was not looking for the exact numbers that you entered.

TurboTax will take the purchase price you entered and multiply it by the business use percentage to arrive at the cost basis.

So, you should enter the full cost of the vehicle on the screen that asks for the basis for gain/loss. Also, any business miles entered in the current year will be added to the prior depreciation equivalent you entered of $215 apparently, so that will further reduce the basis resulting in a larger gain on sale:

So, try it again and list the full cost of the vehicle for the basis and total and business miles driven in the current year. TurboTax will multiply the basis by the business miles/total miles, subtract the prior and current year depreciation equivalents, net that with the sales amount and that should give you the correct gain or loss on sale.