ThomasM125
Expert Alumni

Business & farm

TurboTax was not looking for the exact numbers that you entered.

 

TurboTax will take the purchase price you entered and multiply it by the business use percentage to arrive at the cost basis.

 

So, you should enter the full cost of the vehicle on the screen that asks for the basis for gain/loss. Also, any business miles entered in the current year will be factored into the prior depreciation equivalent you entered of $215 apparently, so that will further reduce the basis resulting in a larger gain on sale:

 

 

So, try it again and list the full cost of the vehicle for the basis and total and business miles driven in the current year. TurboTax will multiply the basis by the business miles/total miles, subtract the prior and current year depreciation equivalents, net that with the sales amount and that should give you the correct gain or loss on sale.

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