I sold a vehicle that I used mostly for business but did have available for personal use. I used itemized deductions for the past 16 years the vehicle was in use. The program says the depreciation cannot exceed the business basis. I sold the car for $600. It is saying the dep is $19428. I bought the car in 2004 for 22000. How is this right and how do I correct it?
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It depends. The steps below will show you how to enter the sale of this vehicle.
The way to report the sale or trade-in, (trade is not recognized by the IRS any longer for equipment or vehicles) is as follows. You have all the records so it should provide you the detail to move forward.
Once this is completed your sale will be recorded properly on your return.
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