@CaptainJJ wrote:
On the sales price I've indicated a trade in value (92.43% business use actual trade credit). Turbo tax entered the basis for gain or loss at (based on 2022 depreciation allowed) resulting in a $14181 trade gain considered taxable income.
TurboTax does NOT calculate the gain/loss correctly if the business percentage varied from year to year.
You would need to say it was converted to personal use (or "Special Handling" screen, say "yes"). Then report the sale in the "Sale of Business Property" section. But you will need to MANUALLY do some of the calculations. And reporting it there may not correctly affect some things on your business (such as QBI and Home Office income limitation).
So you may consider going to a tax professional this year.
