Filing Schedule C as a sole proprietor. Have been using actual expenses on a car used for business and personal (business use only about 6% a year, but varied each year). Car was totaled in October 2019.
Data on the car:
Purchase price ($12,617); claimed depreciation 2012-2018 ($857), data from the worksheet for the car in turbo tax, insurance paid $6612.98.
1) How do I calculate gain/loss and report it in TurboTax?
2) Turbo Tax has been flagging Depreciation, saying it's too large, so am I not computing the cost basis
correctly?
I have read several questions and answers similar to my issue, but I am still confused about the actual process of number generating. The system is stuck on the depreciation and highlights it as an error when performing the "check" of the tax return.
Thanks for any help.
