- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
It's hard to say without seeing the numbers and how you entered them in the screens.
I also am unclear what you mean when you say
"It looks like this value causes a $6,909 gain at the end but I only saved $7,965 over the 1st 4 years for standard milage expense, so that seems odd I would have a gain since I didn’t gain on the sale and only deducted $7,965 from using the vehicle over the years"
However it APPEARS to me that the program, having suggested 10.08% business use is only using 10.08% of the purchase price as your basis.
If you take 10% of your basis and 26% of the selling proceeds, you would show more gain than necessary.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
February 27, 2023
6:58 PM