MarilynG1
Expert Alumni

Get your taxes done using TurboTax

That sounds correct; the Business % of the Sales Price (trade in value) is $7939.50.

 

If you originally entered the vehicle's Cost Basis 62K, @ 52.93%, then subtracting your accumulated total depreciation over the years (using the table if Standard Mileage was claimed), what is the remaining Cost Basis of the vehicle?  

 

Since you used the vehicle over 5 years for Business (expected life), the remaining Cost Basis could be equal to the Accumulated Depreciation.  Use those numbers and see if the error clears. 

 

Otherwise, since we can't see your return in this forum, I would recommend you delete your Vehicle Sale entries and re-enter them.   If you're using TurboTax Online, close the program, clear your  Cache and Cookies, and return to that section.

 

You also have the option to indicate that the the vehicle was 'converted to personal use' and then report the sale in Sale of Business Property instead.

 

Here's more discussion on AMT dep allowed/allowable is too large. 

 

@KSB178 

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