topic When entering Fair Market Value for my new car, do I put what I paid or what the sticker price is? in Get your taxes done using TurboTax

When entering Fair Market Value for my new car, do I put what I paid or what the sticker price is?

uriel316 — Tue, 04 Jun 2019 18:57:12 GMT

At the time of purchase, there were really good rebates on the car. So would the amount that anyone else would be willing to pay for the exact same vehicle be the sticker price? Also, can I claim losses on my trade-in on my taxes in the form of negative equity? It was a car that I partially used for business which was replaced by a new car being used in the same capacity. If so, where would I enter that?

But as far as the negative equity goes, is there any way...

uriel316 — Tue, 04 Jun 2019 18:57:13 GMT

But as far as the negative equity goes, is there any way of claiming that or just depreciation?

To find the Fair Market Value of your car, try a used-car...

LauraShine — Tue, 04 Jun 2019 18:57:15 GMT

To find the Fair Market Value of your car, try a used-car guide such as the Kelley Blue Book. Find the make, model and year for your car and you will see the private-party value for the overall condition of the vehicle.

https://www.kbb.com/

Also, see article below and question here:https://ttlc.intuit.com/questions/3313151?_

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh