Business & farm

DianeW777...I'm back!  Would you please see if I entered the correct numbers?  Turbo Tax is showing a total gain of $700 on the sale and it just doesn't seem right.  If there are costs I listed in the purchase price of the vehicle that are not allowed, please let me know.  Also, I added the trade-in value of the minivan to the cost of the station wagon (Ford Flex) that I used for my rental property.  I think that's the right thing to do.  I don't quite understand how TT determined prior depreciation numbers, but I'll be happy if you confirm I've entered things correctly.  Attached are screen shots to show what TT is providing me.  You will be my new best friend if you help me get this done.  😉

Price of station wagon (Ford Flex):  $18,750
Service Contract:  $1,875
Documentary Fee:  $250
Taxable Price (sum of above):  $20,875
6.75% Sales Tax:  $1,409
Title Fee:  $15
Registration Fee: $44
Subtotal:  $22,343
Trade-In Value of minivan: $1500
Cost Basis of station wagon (Ford Flex):  $23,843 (Subtotal + Trade-in value of minivan)

Business Miles:  2,698
Total Miles:  187,000
Business Use %:  0.0144 (2,698 / 187,000)
Standard Mileage Rate depreciation:  $670 (years 2010-2024)

Sale of station wagon (trade-in value):  $600
Business Portion of Sale Price:  $9 ($600 x 0.0144)
Business Portion of Original Cost:  $334 ($23,843 - $670 depreciation x 0.0144)
$9 (Sale) - $334 (Cost) = $325 Loss 

Schedule 1 shows a gain of $345
Schedule D, Part 2 shows a gain of $355
Form 4797 Shows a gain of $355 and a gain of $345