I financed a brand new truck (no trade-in) on November 1, 2021 for $71,208.
I drove it 23,063 miles before year end when the transmission blew.
Due to truck shortages, there was no parts, limited labor, and no similar truck size "loaner" vehicles, we were forced to trade it in to keep rolling. Traded in on January 30, 2022 for another brand new truck.
On our 2021 taxes, we only took standard mileage depreciation (23,063 x $0.56/mile = $12,915 depreciation.) Fast forward to know 2022 tax year where I am entering the "sold" details.
I was given $68,000 for trade-in.
My impression is that original purchase price $71,208 - depreciation taken $12,915 - sold price 68,000 = would be a $9,707 taxable gain; however, Turbotax is calculating taxable gain of $68,000 and I do not know how to fix this. HELP!
