I'm still having trouble with this, and hope *someone* out there can help.
Here's the deal: I bought a 2001 RAV 4 in 2004 for approx $12,000 and used it for the next 20 years (yes 20!) as my personal vehicle, with an average of 23% for business use. (301K miles total, 67,919 business). Each year, I took standard mileage deduction, and no depreciation.
I sold the vehicle in March 2024 for all of $500.
I did the work around described in a previous community question...
(https://ttlc.intuit.com/community/taxes/discussion/sale-of-personal-vehicle-i-used-for-business/00/3...)
and I'm getting what looks to be a gain on the sale. (That whole "Sale of Other Business Property" section is a mess, BTW. )
But in the review, TT is telling me the calculated depreciation ($15,070) can't be more than the vehicle cost ($12,000 gross, $2,760 if I plug in the 23% of cost as advised in the work around) and it doesn't tell me how to fix it. And of course, the review process bogs down right there.
So please--any help?
