@mudtech61 wrote:
because it was not a business asset and sold at a loss,
any other advice you might be willing to offer to get straight on this tax issue?
If it was used for business and depreciated for business, it is a business asset (even if the title was in your name). You said an LLC - is this a Single Member LLC that has NOT made an election to be taxed as a corporation (so it is filed on Schedule C)?
If the business percentage varied from year to year, TurboTax is not set up to report that, and manually reporting it can be a major headache, so in most cases I would recommend going to a tax professional. If it was always 100% business use, it is pretty straightforward to report in the Vehicle section of TurboTax.
