sold semi truck

[cmglag]

I purchased a semi in 2014. Paid $23,000 for it sold it this year for $500. Replaced it with another truck. I used the old truck for 4 months this year sold it. I claimed 4 months of use with this truck. I entered all my deductions for this truck put the sold date in and the price sold. It keeps putting in that the truck sold for $26,000 for capital gains. Need an explanation of why its doing this. Or how to correct the problem

[DianeW777]

You may not be doing anything wrong. Let's do the sale a different way.  Keep in mind that your depreciation has been exhausted however the gain can't be more than what you got paid for the truck.

Gather your information about your 2014 truck, cost, date placed in service and total depreciation (current year and prior years).

1. When you go through the vehicle section until you reach the screen 'Do any of these apply to the truck?' 
2. Select 'Your percentage of business use of the vehicle varied over the years.'
3. On the next screen select 'Yes' you converted this asset to nonbusiness use'
4. Finish the vehicle section.
5. Now you are ready to enter the sale of the vehicle under Sale of Business Property (not the business activities).
6. To record the sale of a business asset (vehicle) outside of the business/asset entry.
7. Sign into your TurboTax account: 
   • Under Business Income and Expenses >Less Common Business Situations > Sale of Business Property Start or Revisit > Enter your sale (TurboTax CD/Download)
   • Under Wages and Income > Other Business Situations > Sale of Business Property (TurboTax Online)
8. See images below (TurboTax CD/Download will look similar