VictorW9
Expert Alumni

Business & farm

You said the trade in value was $750 and the FMV was $1,500. Clearly, they are not the same. Yes, I did say that the trade in value is the same as the sale value. Hence, the reason I said you enter the full $750 trade in value rather than you doing the apportionment yourself to what I believe you have 16% of $750 to arrive at $120. TurboTax should do the apportionment and you just have to tell TurboTax what is the business use of the vehicle.

 

 

[Edited: 2/11/2020 | 4:22pm]

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