How did TurboTax arrive at DEPRECIATION ALLOWED AMOUNT, on SCHEDULE E WORKSHEET, (Part VII), Line 51, of $10.00 ?
I sold a vehicle I partially used for my rental property for $400. I used the car 25% for the rental, so I entered $100 ($400 x 0.25) as the SALES PRICE. (I hope that is correct)? I purchased vehicle for $2500 in 2010. I figure it is fully depreciated, since I have been taking the standard mileage deductions every year. (I found the table that lists the depreciation per mile amount, of the standard mileage deduction, and am fairly sure I claimed all $2500 of the original purchase price with my 13 years of standard mileage deductions which include the depreciation allowance).
So, after using $100 as the 'BUSINESS PORTION OF THE VEHICLE SALE' in TT, somehow TT came up with $10 as the DEPRECIATION ALLOWED amount. TT then calculated $90 of additional income for me ($100 - $10 = $90). I guess that is correct?
I ran into many errors with Turbo Tax Federal REVIEW, so I am not sure I've accounted for the vehicle sale correctly? I need some assurance that I've completed this correctly.
I am including the screen capture of the part of the SCHEDULE E WORKSHEET BELOW: How did TT arrive at $10 on 51 of this WORKSHEET?
