- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
2021 Business Vehicle sold, TT showing gain but it's a loss
Sold Business Vehicle in 2021. Purchased in 2008 for $93,320. Sold in 2021 for $46,000. 36.3% of vehicle use attributed to business, so business portion of purchase price plus improvements (solar) is $33,859 and business portion of sales prices is $16,690 for net loss of $17,169 less $2,486 mileage equivalent to depreciation for a net loss of $14,684. Turbotax is showing entire business portion of sale of $16,690 as a gain. I entered basis for as $90, 834 (total cost less mileage equivalent to depreciation). Is something wrong with Turbotax or my calculations? Thank you.
Topics:
‎January 27, 2022
5:10 PM