I answered all questions on tax return. It asked about vehicle, when we purchased it --that was the previous year, and it was all reported in Turbo Tax. So I was surprised when it asked me for the loan amount. It's schedule C for vehicle expenses for business. "MACRS Property involved in a like-kind exchange or involuntary conversion." Question 76, "Elect OUT of regs under Sec 1.168(i)-6(i)" is checked yes instead of N/A.
Question 77, "If asset represents entire basis of replacement property, enter excess basis." It inserted the loan amount for the vehicle from the previous year. But that comes up as an error: Xbas is too large.
What the heck is Xbas, and what should I do to correct this error?
Thank you!
