Solved: I'm being asked to make entries for my car under Schedule of Gains/Losses but don't believe that is needed. How do I avoid this?
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thomas-jeske-6
New Member

I'm being asked to make entries for my car under Schedule of Gains/Losses but don't believe that is needed. How do I avoid this?

 
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Accepted Solutions
MarilynG
Level 11

I'm being asked to make entries for my car under Schedule of Gains/Losses but don't believe that is needed. How do I avoid this?

If you Sold (or Traded In) a Business Vehicle, in the Vehicle Expenses section, indicate that you 'stopped using it for business' and the date.

 

Depending on how long you have used the vehicle for business, and how much you received for the Sale (or Trade-In), you may have a gain to report.

 

If you claimed Actual Expenses for the vehicle, TurboTax will fill in the Prior Depreciation amount for you.

 

If you claimed Standard Mileage, you will calculate the Prior Depreciation, based on year and number of miles claimed.

Click this link for more info on Depreciation Equivalent. 

 

This determines if you have a gain to report.  If the vehicle was used over five years, it is fully depreciated and you can enter the same amount as the Cost of the Vehicle. 

 

 

[Edited 03/23/2020 | 7:37 PM]

 

 

 

 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
MarilynG
Level 11

I'm being asked to make entries for my car under Schedule of Gains/Losses but don't believe that is needed. How do I avoid this?

If you Sold (or Traded In) a Business Vehicle, in the Vehicle Expenses section, indicate that you 'stopped using it for business' and the date.

 

Depending on how long you have used the vehicle for business, and how much you received for the Sale (or Trade-In), you may have a gain to report.

 

If you claimed Actual Expenses for the vehicle, TurboTax will fill in the Prior Depreciation amount for you.

 

If you claimed Standard Mileage, you will calculate the Prior Depreciation, based on year and number of miles claimed.

Click this link for more info on Depreciation Equivalent. 

 

This determines if you have a gain to report.  If the vehicle was used over five years, it is fully depreciated and you can enter the same amount as the Cost of the Vehicle. 

 

 

[Edited 03/23/2020 | 7:37 PM]

 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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