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Hello! If we traded a business vehicle for another business vehicle and the trade value is used as income, how do we change: "REVIEW" depr allowed/allowablke is too large
review message as follows: AMT dep allowed/ allowable-1 is too large.Depreciation cannot exceed business basis.
I sold a business vehicle this year and I keep getting the following message for Check This Entry on my federal review: "Schedule C (*business name*) -- Car & Truck expenses worksheet (*car make and model*): AMT dep allowed/ allowable-1 is too large. For disposition calculations, depreciation cannot exceed business basis. Please see Tax Help for this field.
When I try to find it and make changes, it does not allow. Please help. thx
I sold a business vehicle this year and I keep getting the following message for Check This Entry on my federal review: "Schedule C (*business name*) -- Car & Truck expenses worksheet (*car make and model*): AMT dep allowed/ allowable-1 is too large. For disposition calculations, depreciation cannot exceed business basis. Please see Tax Help for this field.
When I try to find it and make changes, it does not allow. Please help. thx
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‎April 13, 2023
11:54 AM