I need to enter Basis for gain or loss by trading car. I calculated and I have loss of $10780. Since I need to enter a number with 100% of basis, how I can enter my loss?

Forum|Forum|7 years ago
June 3, 2019
1 reply
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TurboTax Self Employed Online

MarilynG

Level 15

Leave 'Basis for Gain/Loss' blank.

Once you enter your Sales Price (or Trade In Value), Cost of Vehicle and Prior Depreciation (or Depreciation Equivalent, if you used Standard Mileage), TurboTax will calculate your Gain/Loss and put it on Form 4797 for you.

See attached screenshots.

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I need to enter Basis for gain or loss by trading car. I calculated and I have loss of $10780. Since I need to enter a number with 100% of basis, how I can enter my loss?

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