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One sold vehicle for multiple rental properties

I used the same car for 2 rental properties. I always use the standard mileage deduction in the previous years tax returns on Sch E.  In 2023, I sold that car.

In Turbotax, for EACH rental property:

 

1. I selected 'I stopped using this vehicle in 2023'

2. Entered the appropriate sales price (business portion)

3. Entered vehicle total fair market value when it was placed in service

4. Entered prior depreciation equivalent

 

Then turbotax filled the information on the Form 4797 (Sales of Business Property), however, I found the sales of this vehicle was reported twice (one for the first rental--sales gain, the other for the second rental--sales loss) as if turbotax treated the same vehicle as a different one for each property.

Is this fine? Can the sales of this vehicle be reported twice on the same form?

I am confused. Please help.

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3 Replies
JohnB5677
Expert Alumni

One sold vehicle for multiple rental properties

The issue is that you posted the full car value in both places.  At a minimum it should be 50/50.

You can adjust the percentage used for each property, but the total must only be 100%.

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One sold vehicle for multiple rental properties

@JohnB5677 When you said 'full car value', you mean the money I received for this sold car in 2023?

I sold this car for $8,000 in 2023.

For the first rental, the sales price (business Portion=3.49%) I entered was $279.2 ( $8000 * 3.49%).

Do you mean I should enter $139.6 ?  ($8000 * 50% *3.49%)

 

For the second rental, the sales prices (business portion =2.51%) I entered was $200.8 ( $8,000 * 2.51%)

Do you mean I should enter $100.4 ? ($8000 * 50% * 2.51%)

 

How about the  vehicle total cost (FMV) when I placed it in service?  The total cost was $22,900. Should I enter $11450 for each rental ? or $22900*50%*3.49% for the rental 1 and $22900 * 50% *2.51 for the rental 2?

 

One sold vehicle for multiple rental properties

If the business percentage varied from year to year, you can't report the sale in the vehicle section.

 

After saying you converted it to personal use, you need to MANUALLY calculate things and report it in the "Sale of Business Property" section.

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