Hi, We own a duplex... we rent half and live in the other half. We sold the vehicle that we used personally and for the rental property. My return through Turbo Tax won't file because of an error related to depreciation allowed for the vehicle. I get an error saying the depreciation allowed or allowable is too large. The original purchase price (basis) for this 2008 Ford Taurus was $10,000, with business use for this year at 6.94%. (The % of time used for business has varied over the years.) We sold the car to the junk yard for $700. The depreciation amount (calculated by TurboTax from previous years) is $1097. What should I enter to get my return to be acceptable?
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Yes, report the sale as follows. First you will remove the vehicle by converting it to personal use. Follow all the instructions below.
The way to report the sale (trade is not really recognized by the IRS any longer for equipment or vehicles) is as follows. You have all the records so it should provide you the detail to move forward.
This completes your entry for your vehicle. Please update here if you have more questions and one of our Tax Experts will help.
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