The question I have in is the TurboTax Home and Business desktop software regarding the gain or loss basis on a vehicle that I sold in 2023.
I'm just not sure that I understand the question correctly.
This question is asked after I've already input the total cost of the vehicle when I purchased it new minus the trade in.
The question says:
Let's get info on your gain or loss basis
If you got this vehicle by trading in listed property that you used less than 100% of the time for business, enter your gain or loss basis.
Basis for gain/loss (enter 100% of basis) - ??
Basis for AMT gain/loss (enter 100% of basis) - ??
The vehicle cost was $14,571 (after deducting the trade in).
I sold the car for $13,400.
I'm not sure how to calculate this. My guess is that it was a loss.
What are the values that I should put in the boxes?
