Last year, my husband and I sold a vehicle to CarMax and were offered 24,000. With that, we paid off the loan it was financed through and were left with a difference of ~2,000 dollars. I'm currently working on the Schedule C portion - what would the sales price and sales expense be in this case? I'm having a difficult time answering this section. Just to clarify, we had a financed car, and then sold it to CarMax (did not trade in) and we paid off the loan and kept a difference of 2000.
You'll need to sign in or create an account to connect with an expert.
The sale price would be what you sold the vehicle for, $24,000 in this case, times the business use percentage. So, if you used it 80% for business, the sales price you enter would be $19,200 ($24,000 x .80). Sales expenses would be any cost that were deducted from the sales price. The loan payments would have no affect on this.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
trrsj
New Member
minhhieu0912
New Member
Tamlyn74
New Member
knownoise
Returning Member
j-zee
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.