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New Member
posted Jun 1, 2019 12:43:00 PM

If I disposed of my car in 2018, what do I put in Basis for gain/loss and Basis for AMT gain/loss?

0 6 1301
6 Replies
Intuit Alumni
Jun 1, 2019 12:43:01 PM

When you say disposed, did you donate or sell?

New Member
Jun 1, 2019 12:43:02 PM

Junked.  Thank you.

Intuit Alumni
Jun 1, 2019 12:43:03 PM

is this related to a business or personal vehicle?

New Member
Jun 1, 2019 12:43:04 PM

A vehicle used for personal and business

Intuit Alumni
Jun 1, 2019 12:43:06 PM

Please see the instructions below for disposing of your business asset:

  • Click Business on the Tax Timeline
  • Click "Start" (or revisit) next to Business Income and Expenses
  • Scroll down to the Business Assets section and click "Start" (or edit/revisit).
  • You should see your vehicle listed, and you will choose to Edit that vehicle.
  • Follow the prompts until you get to the Tell Us About This Asset entry.  You'll see a box to check if you sold, retired, disposed of, converted to personal use.... this vehicle.
  • You will then enter the date you sold or retired it from use.

  • ·Answer the remaining questions about the vehicle.

New Member
Aug 31, 2019 3:34:17 PM

Traded in a 2014 car used 75% for business purposes.  We never depreciated the 2014 car.  We just used the standard deduction.