It is now the 2022 Filing Year. This is the first year I am having a problem with Part VII - Disposition of a Vehicle, and specifically Line #'s 51, and 52 (depreciation allowed or allowable), also Line #'s 49 and 50 (gain loss basis) of the "Car and Truck Expenses Worksheet".
I traded in a vehicle for a newer vehicle. The trade-in was new and in service for less than a year. It was somewhat of a lemon, and I had lost confidence in the vehicle and the reason for the trade-in.
I am not sure how Line's 49 and 50 are determined and is required input by me when going through the questions.
Lines 51 and 52 are calculated by TurboTax. I am at the review stage and TT throws a "Fix" needed because the Amount in question is "too high". I do not know what to change to lower this amount.
One weird thing I do not understand is why it is being reported as a gain. I traded in the vehicle for a more expensive vehicle and lost $11,000 on the trade.
Any help to get me through this would be appreciated. Thanks!
