I used the same car for 2 rental properties. I always use the standard mileage deduction in the previous years tax returns on Sch E. In 2023, I sold that car.
In Turbotax, for EACH rental property:
1. I selected 'I stopped using this vehicle in 2023'
2. Entered the appropriate sales price (business portion)
3. Entered vehicle total fair market value when it was placed in service
4. Entered prior depreciation equivalent
Then turbotax filled the information on the Form 4797 (Sales of Business Property), however, I found the sales of this vehicle was reported twice (one for the first rental--sales gain, the other for the second rental--sales loss) as if turbotax treated the same vehicle as a different one for each property.
Is this fine? Can the sales of this vehicle be reported twice on the same form？
I am confused. Please help.
