topic Sale of Business property deduction for disposed car in Deductions & credits

Sale of Business property deduction for disposed car

Wannabe — Thu, 16 Jul 2020 01:05:34 GMT

My personal car was used over the last 3ish years as business + personal car out of 10 years of ownership. It was totaled in 2019. The usage for business has always been less than 50% even in the 3-odd years. Should this disposition be even showing up as a gain/loss under Sale of Business property?

Re: Sale of Business property deduction for disposed car

Wannabe — Thu, 16 Jul 2020 18:02:53 GMT

Thoughts? Business usage of car was in the last 3 yrs before disposal with insurance settlement in 2019. And the usage was never above 50% business.

Re: Sale of Business property deduction for disposed car

AmeliesUncle — Thu, 16 Jul 2020 18:09:20 GMT

Yes, it should show a gain/loss.

However, TurboTax can not calculate the sale of a vehicle (or other asset) that has varied in business percentage from year to year. So you can't report the sale in the vehicle section. You either need to manually calculate things and enter it in the "Sale of Business Property" section, or go to a tax professional.

Re: Sale of Business property deduction for disposed car

Wannabe — Sat, 18 Jul 2020 23:21:10 GMT

Thank you.

It looks like Form 4797 p1 (Part II) cannot be edited. If I go through the Business vehicle steps on TT on Mac, it doesn't capture the values.

Re: Sale of Business property deduction for disposed car

Wannabe — Sun, 19 Jul 2020 00:27:16 GMT

It looks like all I need is Part VII in Car & Trucks Wks for Schedule C.

Re: Sale of Business property deduction for disposed car

AmeliesUncle — Sun, 19 Jul 2020 01:39:16 GMT

No, as I said before, the program can not calculate the gain/loss from a vehicle that varied in business percentage.