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Investors & landlords
If you sold the car, based on your entries, then you must recapture the depreciation portion of the business miles used as a deduction on your personal tax returns.
Follow the instructions below to enter your sale and calculate the depreciation portion of the standard mileage rate (SMR). It appears you may already be on track.
The chart below will show you the SMR depreciation portion for all years. Calculate your depreciation total amount for your sale. Five percent of the car is business use as you indicated by the numbers of total miles and business miles for the life of the vehicle. Use only the business percentage of cost and sales price (including purchase and sales expenses). Then enter your sale in the screen you indicated in your screen images and steps are noted below.
- Wages & Income at the top
- Scroll down to Other Business Situations
- Select Sale of Business Property
- Select Sales of business or rental property that you haven't already reported.
- Answer 'Yes' to Do all of the following apply...?
- Enter your sales information, do not make an entry for depreciation (no zeros)
- Description of the Property (Second Home/Previous Rental Home)
- Sales Price/Sales Expenses
- Date acquired and date sold
- Sales Price
- Cost
- Depreciation
If your personal use portion is a loss, there is nothing to enter in TurboTax for that because a personal loss is not allowed to be used.
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