The Car and Truck worksheet shows an amount on line 75 representing excess basis. The vehicle was not depreciated or claimed as a 179 deduction. In the prior years, only std mileage rate was used to claim auto expense deduction. Where does the amount on this line come from and how to I eliminate it if the amount is incorrect?
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That comes from the corresponding federal Car & Truck Wks, line 77. And that comes from your input to the federal Step-by-Step field for Total cash and/or loan amount paid with the trade-in. That's after you indicated Yes, this vehicle was part of a trade-in.
That comes from the corresponding federal Car & Truck Wks, line 77. And that comes from your input to the federal Step-by-Step field for Total cash and/or loan amount paid with the trade-in. That's after you indicated Yes, this vehicle was part of a trade-in.
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