Good Morning.
Last year we sold a vehicle that was used more than 50% for business over 26 years. The business use last year was 58%. We sold the vehicle for $500 and the Business use part of the sale was $290. The vehicle was fully depreciated and we used actual mileage each year. The Vehicle Basis was 19,572 in 1999. The Section 179 deduction was 15,984 (The vehicle was used when we bought it). Why is turbo tax adding a $3000+ in depreciation recapture to my income? I'm thinking that I've entered something wrong in turbotax. I'm thinking I should only have to pay tax on the $290. I want to make sure I'm doing this right.
