I used a new vehicle for a small percentage of its mileage for my rental property, so I took the standard mileage deduction. I have now sold the vehicle (traded it in) and TurboTax is calculating the entire sale price as a gain:
Business portion of purchase price 1,703
Depreciation portion of mileage 215
Adjusted Basis 1,488
Business portion of sale price 597
Loss 891
TurboTax says my gain was 597. I calculate a loss of 891. Can anyone explain this?
Thanks!
