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Business & farm
What if you have a business vehicle that was used over 50% every year but was sold early in the year (end of January) so turbo tax puts it as property used 50% or less & calculates an extremely low basis for depreciation so you definitely get the error that the depreciation allowed is too much. I found if I change the date to 07/01/2020 it moves it back to the used over 50% & the depreciable basis is a lot higher & the error goes away. Why does the date matter because the month it was used for the year was 95%.
‎October 2, 2021
11:58 AM