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Buisness Basis of Vehicle
I disposed of a vehicle that in the past (not for the past 6 years) I claimed some business use of based on expenses (not mileage). In the car and truck worksheet I get the dreaded error Depreciation allowed is too large message. As far as I can tell the depreciation that automatically comes up is accurate but it seems that turbotax is using 0 for the business basis of the vehicle and so all prior depreciation (going back 24 years!) is being treated as a gain on the sale! I tried entering my estimate of the business basis (based on an old turbotax calculation) on line 49 (gain/loss basis if different from line 33c) but this had no effect.
Is there anywhere to fix this either by entering a business basis or otherwise. I'm happy the give Uncle Sam a portion of the meager trade in value of this vehicle (% of business use) but this is a tiny fraction of what Turbotax is suggesting.
Thanks.