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pambrown2
New Member

Why won't TT show a loss for sale of my old car?

Here are the facts: I entered a 5 yr old Nissan into service on 7/1/2011. FMV initially was $12,000. Business use each year was 55-60%. Prior depr. was $5304. I took the std. depr. all years except 2017. I bought a new Honda on 12/29/2017 and placed it in service on 1/1/2018, at 59% business use for the year. I sold the Nissan for $1200 on 1/12/2018, and had zero miles on it in 2018 for business or personal. It seems I should have a loss but TT doesn't  show one. What am I doing wrong?


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1 Reply
Ashby
New Member

Why won't TT show a loss for sale of my old car?

Your vehicle was fully depreciated because it has a 5 year life. Although you did not take full depreciation because of business percentage, it is still completely depreciated. There is no loss on the sale.

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