As Critter mentioned, any depreciation lowers your "Basis" (cost). So it seems like over 14 years, you have claimed $9420 of depreciation, which lowers your Basis (cost) to $580. Selling it for $1500 gives you a $920 gain.
*** Those numbers assume the vehicle is 100% business usage. ***
If it was less than 100% business usage, the calculation are more complex *AND* TurboTax usually can not automatically calculate the proper gain/loss. You would need to do the calculations manually or go to a tax professional.
As the previous paragraph indicates, if the business percentage varied since the car was first "placed in service", you need to do the calculations manually or go to a tax professional.
As Critter mentioned, any depreciation lowers your "Basis" (cost). So it seems like over 14 years, you have claimed $9420 of depreciation, which lowers your Basis (cost) to $580. Selling it for $1500 gives you a $920 gain.
*** Those numbers assume the vehicle is 100% business usage. ***
If it was less than 100% business usage, the calculation are more complex *AND* TurboTax usually can not automatically calculate the proper gain/loss. You would need to do the calculations manually or go to a tax professional.
As the previous paragraph indicates, if the business percentage varied since the car was first "placed in service", you need to do the calculations manually or go to a tax professional.
It doesn't have to have been 100% business use. The standard mileage rate includes 22-24 cents per mile as a depreciation allowance. If the car was driven for around 40,000 miles of business or work use, using the standard mileage rate, that would account for $9420 in depreciation.
If you think you can calculate a depreciation figure that is more accurate than turbotax, you would have to change to the desktop program in order to make a manual correction on the form.