Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Kelly4
New Member

Sold vehicle used in S corp for $1000. Basis was $8000. Did JE to show a 7000 loss in my QB, but Turbotax in step by step doesn't how the loss just the 1000 as gain.

Purchased vehicle at around 45000 in 2003 and depreciated at 35000 and sold in 2018 for 1000. Per accounting, did a JE which gave me a 7000 (or so) LOSS n my QB and total net income.  However when I am in the step by step section of Turbo TAx Business it shows the purchase cost and my depreciation and my sale of 1000 and shows the 7000 difference but did not show it as a loss. (I have used Turbo tax business for several years so all info was in there). The only way I could get it to match with my QB balance sheet and PL was to go into forms and enter the Capital gain and loss my self on the form section, but now I am questioning if this is correct and WHY didn't the step by step section do this?  This of course also affects my retained earnings and everything else.  Which is correct? Is it a loss or is the loss not reportable? 

1 Reply
stevenpeck
New Member

Sold vehicle used in S corp for $1000. Basis was $8000. Did JE to show a 7000 loss in my QB, but Turbotax in step by step doesn't how the loss just the 1000 as gain.

I do not believe this is a loss. It is depreciation expense.
Dynamic AdsDynamic Ads
Privacy Settings
v