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Deductions & credits
"Minimal Value" is not helpful, as you need to assign it a value. I am in a similar situation, I traded in my vehicle from 2011, that didn't enter service until 2017, for a new 2022. Now, TurboTax is asking for the fair market value of my 2011 when it entered service in 2017. How are you supposed to calculate this? I would assume the IRS frowns upon people randomly assigning value to an asset with just the justification of "it's old". Minimal value could mean very different things to different people.
‎April 19, 2022
9:38 PM