TT Deluxe Desktop version: I owned a car since 2021. I sold it this year half way through the year. I traded it in for 20000. I bought it for 30054. I used it for 7.28% of the time for business. I tracked my mileage every year and used standard mileage deduction.
Adjusted bought price 2188
Adjusted sell price 1600
Depreciation (from mileage calcs each year) 1130 -It also tells me depreciation allowed is 1239 (might be some limit ), but this is still close to 1130.
The gain should then be approximately 398$.
TT is telling me my gains are $1349 ordinary and $251 long term gain. ACK...that doesn't seem right at all - or am I missing something?
I've read that TT doesn't calculate variable use each year. Maybe that is the issue? Do I then click to convert to 100% personal use, and then just use property disposition? Can someone provide me with a few more detailed steps to get this right - or is this a hiccup that needs to be fixed in TT?
