Business & farm


@judyp07 wrote:

TT then told me that this sale results in a loss so no need to report it and that they will delete from TT.  


 

No, it did not say that.  It said it can not report it as you were indicating.  Go back through that section and read the questions REALLY carefully.  If it was a loss, you need to answer the questions and check the box that it was a loss, rather than a gain.

 

As was mentioned, if the vehicle was partially personal use, you need to MANUALLY calculate and enter the business portion because TurboTax is not set up for that.  It can be complicated, so you may consider going to a tax professional this year.