Vanessa A
Expert Alumni

Deductions & credits

When asked the sales price of the car for the business portion only, since you only used the car ten percent for business, you would enter $1,200 as the sales price since when you sold it, the car was used 10% for business. 

 

On the next screen, you will be asked the vehicle cost. You will need to figure out the FMV of your vehicle when you started using it for business. You can use KBB.com or NADA to estimate the Fair Market Value at the time you started using it for business.  You will enter the full Fair Market value, not the prorated amount.

 

 

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