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posted Jun 1, 2019 9:24:33 AM

Should I leave the basis for gain/loss blank on vehicle? Bought it 35k. Dealer trade-in 16k. Depreciation: $12,934. I have all the numbers in except for gain/loss for now

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Expert Alumni
Jun 1, 2019 9:24:33 AM

Yes, leave 'Basis for Gain/loss' and 'AMT basis for gain/loss' blank.

Once you enter Sales Price (trade in value)Cost and Prior Depreciation, TurboTax will calculate any Gain/Loss and report it on Form 4797 for you.

You can see the calculations on the Car and Truck Expense Worksheet when you download or print your return.