- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Thank you. My next question is about my car that I used part for business while my business was active. I used the standard mileage rate. It became all personal use when I had no more business-- sch C. I sold this car in 2020. I did calculate the adjusted basis subtracting accumulated depreciation. I sold the car at a loss. Where in TT do I report this sale? I am not submitting a schedule C. I thought I would report this in Business Deductions and Credits which I found through the Topic List. I then answered Yes to the question Any Other Property Sales? I then entered the information requested which was the business portion of the sale. When I was finished entering, I got a message from TT that this sale results in a loss so will not be reported--only gains should be reported. So, where in TT should I be reporting the sale of this car?