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JimDimitri
Level 2

TurboTax deluxe Mac - a vehicle was totaled and filling out data for sale of vehicle ANYTHING I put in results in no loss or gain. Purchase price $20429 selling price $0

Entering anywhere from full depreciation used to $0 depreciation results in no gain or loss
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ThomasM125
Employee Tax Expert

TurboTax deluxe Mac - a vehicle was totaled and filling out data for sale of vehicle ANYTHING I put in results in no loss or gain. Purchase price $20429 selling price $0

You may have fully depreciated the vehicle in the year you purchased it, by choosing the bonus depreciation or section 179 depreciation option for the vehicle. If so, then the basis of it would be zero, so you would have no gain or loss on it's disposition.

 

If not, then something may be wrong with the basis of the vehicle reported in TurboTax. I suggest you look at the asset entry screen for the vehicle, which you can do in the Forms Mode (see the Forms icon or use View and then Go To Forms.) Look for the Asset Entry Wks.

 

On the asset entry worksheet, you will see the cost of the vehicle, prior depreciation and the current year depreciation deduction. The difference between the cost and depreciation taken will be your basis which should equal the loss you sustained.

 

You also have to be carful to indicate the proper business use percentage of the vehicle, as you can only deduct a loss on the business use portion of the vehicle.

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3 Replies
ThomasM125
Employee Tax Expert

TurboTax deluxe Mac - a vehicle was totaled and filling out data for sale of vehicle ANYTHING I put in results in no loss or gain. Purchase price $20429 selling price $0

You may have fully depreciated the vehicle in the year you purchased it, by choosing the bonus depreciation or section 179 depreciation option for the vehicle. If so, then the basis of it would be zero, so you would have no gain or loss on it's disposition.

 

If not, then something may be wrong with the basis of the vehicle reported in TurboTax. I suggest you look at the asset entry screen for the vehicle, which you can do in the Forms Mode (see the Forms icon or use View and then Go To Forms.) Look for the Asset Entry Wks.

 

On the asset entry worksheet, you will see the cost of the vehicle, prior depreciation and the current year depreciation deduction. The difference between the cost and depreciation taken will be your basis which should equal the loss you sustained.

 

You also have to be carful to indicate the proper business use percentage of the vehicle, as you can only deduct a loss on the business use portion of the vehicle.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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JimDimitri
Level 2

TurboTax deluxe Mac - a vehicle was totaled and filling out data for sale of vehicle ANYTHING I put in results in no loss or gain. Purchase price $20429 selling price $0

There is no Asset Worksheet as the vehicle was not depreciated BUT used mileage deduction every year.

I am supposed to add up the depreciated equivalent mileage deductions for all years used and take from the basis.

Still no loss or gain.

ThomasM125
Employee Tax Expert

TurboTax deluxe Mac - a vehicle was totaled and filling out data for sale of vehicle ANYTHING I put in results in no loss or gain. Purchase price $20429 selling price $0

If you look on the Car & Truck worksheet, in part VII you will see the details of the disposition of the vehicle. That will show you how the gain or loss on disposition is being calculated. You can manipulate the numbers highlighted in blue to correct them if they are wrong. That may allow you to report the correct sale price and cost basis so your loss will be properly reported.

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