I guess I must be dense. @JamesG1 and @HopeS keep telling me that I need to calculate my depreciation, but I have done this using the mileage and year tables, and have included them in my post. What am I missing that makes you guys not think it's been done?
I'm using the desktop version. It asks for business portion of the sales price. It asks for the amount for which the vehicle was purchased. It asks for the mileage-based depreciation (ei: $0.25/mi in 2018, $0.26 in 2019,etc...). Then it fills in form 4797 (yes, I even posted thr form fields that TurboTax filled in).
From earlier post:
Sales Price (Business Portion Only): $2176 (vehicles used for business 14.5% of the total mileage)
Vehicle Total Cost (doesn't ask for Business Portion Only, so this is price paid): $17,977
Basis for gain/loss (enter 100% of basis): Blank, because it was not acquired via trading in listed property, and in the initial year, it was for personal use
Prior Depreciation Equivalent (used mileage based expensing): $1,335
Installment Sale: No
"Your gain is $2176"
Looking at Form 4797, it shows:
Line 19a: VehicleX Acquired 6/30/2016, sold 8/6/2022
Line 20: Gross Sales Price: $2,176 (this is the amount I entered as Business portion of the sale)
Line 21: Cost or other basis plus expense of sale: $895 (I did not enter this anywhere)
Line 22: Depreciation (or depletion) allowed or allowable: $895 (I did not enter this anywhere)
Line 23: Adjusted Basis. Subtract line 22 from line 21: $0
Line 24: Total gain. Subtract line 23 from line 20: $2176
So, how is TurboTax calculating lines 21 and 22?
