- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Last tax year we listed it on both Schedule C's, so I assume I need to just go ahead and split it out between the two of us for this vehicle only, correct, since its already listed for last year? Then when I add the new one I will only listed it on my Schedule C and take 100% of the results from here on out, since she's unable to drive due to health problems?
Another problem that I see, though its not really a problem is that on my Schedule C it shows a loss ( -300) after I have taken the deductions for both vehicles and such and my wife has close to the same amount as a positive income (we did not do much business this past year). That should be fine correct?
The only issue I see, and not sure how turbo tax gets this, it said that I had a gain on the sale of the vehicle. It said that I gained $771 (for each of us). It doesn't make since that I had a gain, when I paid $30,000+ on the vehicle, they paid market value of $20221.81 and my business portion of the sale price was $1559.
Should I delete both Schedules C's and start them from scratch?