We inherited a van from my wife's father in 2014 and we had sporadic business use of the van over the years.
We traded in that van for $5K in 2021. And did not use it for business at all in 2021.
Now TurboTax is asking all kinds of questions about it, and I have most of it figured out.
What I have down is this: Sales price 0.00 (5000.00 X 0% usage = 0.00)
Vehicle Total Cost: ?????
Do I put down 0.00 since we inherited it? Or somehow figure Fair Market Value? And where can I find the FMV for 2014 for this vehicle?
Basis for Gain/loss
I'm assuming 0.00 goes here, since we did not trade in listed property? Right?
Prior Depreciation Equivalent: I have the depreciation tables, and I can calculate this--just haven't yet.
So to summarize, My questions are:
- What to put down for fair market value of this inherited van?
- Basis for gain/loss, if any.
- And is all this really necessary? TurboTax seemed to balk on MACRS for this vehicle later when it was checking things over, so I am assuming that has something to do with this.
Thanks for any help you can give.
