turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

lizam1
New Member

1099 NEC & car deduction

I had a 2014 car which I put into service in 2017 when I started as an indep contractor, always taking the mileage deduction. In 2024 I gave the car to a family member and I purchased a new one. I do know the FMV of the car last year and of course, the initial purchase price.  I entered the info the way I understood the directions and ended up with a credit of the difference between purchase price and FMV at time of the gifting. I'm not used to being surprised with a nice credit. Please let me know how I should enter that info and does depreciation recapture apply to this transaction?  Thank you

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question