You'll need to sign in or create an account to connect with an expert.
TurboTax will calculate the gain/loss for you; you can leave this entry blank.
When you Edit your Vehicle in the Business Expenses section and indicate that you 'stopped using it in 2018', enter the Trade In Amount you received as Sales Price.
If you have been claiming Actual Expenses for your Vehicle, the basis for gain/loss will be the remaining basis after prior depreciation has been subtracted.
If you have been claiming Standard Mileage expenses, you will need to calculate and enter the 'Depreciation Equivalent', and TurboTax will calculate gain/loss (screenshots).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
STEVEOSMEK
New Member
kiwi_jonnyboy
New Member
aholt
New Member
setzerspolishing
New Member
tracy-penkoff
New Member