Depreciation on a vehicle , review message says that depreciation cannot exceed business basis what should I do?

aswilen — Thu, 06 Jun 2019 12:57:02 GMT

I sold the vehicle in 2016 and only used it for a very small business income

In the SCH C section of the program, just indicate you re...

Carl — Thu, 06 Jun 2019 12:57:04 GMT

In the SCH C section of the program, just indicate you removed the vehicle for personal use and be done with it. There is no way that you sold the vehicle for a profit, even after taking depreciation into account. Since the vehicle was owned by you and not by the business 100%, it's considered personal property. You sold this vehicle at a loss, and you can not deduct losses on the sale of personal property. So just indicate the vehicle was removed from the business for personal use, and be done with it. On the "Special handling required?" screen, just click the YES button and that's it. You will not be prompted for sales information.

topic Depreciation on a vehicle , review message says that depreciation cannot exceed business basis what should I do? in Business & farm

Depreciation on a vehicle , review message says that depreciation cannot exceed business basis what should I do?

In the SCH C section of the program, just indicate you re...