Returned a car I was using for business, as well as personal use to the Car dealer, as the amount I owed was more than what the car was worth. The car had high milage and wear. How to I fill out the portion on Car expenses. The car was repossessed by the dealer and sold; however, I did not receive any monetary gain from the sale. Do I need to put down a depreciation value? * I am asking this question for a friend who is using Turbo Tax to do his taxes.
