I freely admit this is blowing my mind...I don't remember it being this difficult 5 years ago when I got this car!
I'm using TurboTax Home and Business 2020 if that makes a difference.
OK, so my Mom gifted a car (Car A) to me in 2016 (on 1/1 so that made taxes a lot easier). Total gift as in I did not have a purchase price - I paid for all of the registration fees, taxes, etc., as I am in a different state. There was nothing owed on the car.
In June 2021, I decided to buy a new car (Car B). I had to actually get a car loan (haven't had one since before I started my business, so I didn't have to worry about any of that). I had no need to keep Car A, so I gifted it to my Dad. Well, you can't "regift" a gift in my state, so technically I "sold" it to him for $1.00 (that I never received....hmmmmmmmmmm might need to bring that up on my birthday🤔).
Now TurboTax is asking me all sorts of questions about Vehicle Cost and purchase price and sale price and valuation of depreciation over the course of the time I had Car A, and I'm totally lost. I "bought" it for $0.00. I "sold" it for $1.00.
Both Car A and Car B are a mix of personal and business use, as I have a direct sales business (think something like Mary Kay) so I might use the car to get my groceries or meet with friends for drinks, but I also use it to drive to parties at my hostess' homes.
None of the examples that I'm getting from the Help section are really hitting it for me (I may just be having trouble finding what I need). Also, I fell down this rabbit hole which was informative when it came to calculations, but also confusing as the two experts seemed to differ: https://ttlc.intuit.com/community/business-taxes/discussion/question-about-sale-of-business-property...
Any help would be appreciated as to how I should proceed with Car A and Car B on my 2020 Schedule C
