Investors & landlords
Delete Form 6252 from your return.
If you sold a Business Vehicle, Edit the Business (or Rental if that applies) and Edit the Asset (Vehicle) to report the sale.
You need to determine the Current Basis of the Vehicle in order to see if you have a gain/loss on the sale. This would be the original price, minus depreciation taken (times business use %).
For example, if you paid 20K for a Business Vehicle you used 80% of the time for business, the Business Cost Basis to start with is 16K (80% of 20K). Then deduct the amount of depreciation taken (lets' say it amounts to 5K), then the Cost Basis for figuring Gain/Loss is 11K.
If you claimed the Standard Mileage Deduction for business use, you need to use this table to calculate your depreciation. If you used Actual Expenses each year, TurboTax fills in the depreciation amount for you.
