Review your example:
Cost minus depreciation = $1469 business portion basis.
Sold for $707
This results in $762 difference which should be a loss. Agreed except your vehicle should be completely depreciated with no basis after all these years.
Reality and sanity check:
Car should be business basis zero. The business portion of your car should be completely depreciated, A car is completely depreciated after 6 years, leaving only the personal portion of your car. Personal basis $17,233. Personal would not have a gain since sold for less than paid.
It should be cost - depreciation = zero basis
Sold $707
Gain $707
The math formula is: Sales price minus basis = gain or loss.
Again, struggling with math since 20.8% of $707 or $762 will not get you to $702. There is something missing in the information for your return.
Without seeing your return to know why $5 of gain is missing, I don't have any idea. But at least the known reality and Turbo Tax are only $5 apart. Selling business property after its lifespan, will create a gain.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
