TurboTax Premium Online is calculating numbers for depreciation of a sold vehicle and then giving me errors that the number is too large. I have come to an impasse here and cannot figure out what TurboTax wants to make this go through.
I don't care about the deprecation values or the business portion of the vehicle, I will literally enter anything to make this work - I have been through this loop dozens of times making guesses about what TurboTax wants, help topis have been useless as have the many other threads posted here - I even deleted the vehicle and started over. What do I enter to stop this madness?
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Good news! I was able to work through this using ChatGPT.
Turns out that total prior year(s) depreciation of a sold vehicle cannot exceed the business use % of the vehicle for the FIRST year it was placed in service.
TurboTax, and any of the community forum topics here, did not explain this clearly, nor help me to determine what that was - I had to go to OpenAI to get the correct answers.
In fact, TurboTax software directly led me on the wrong path to complete my taxes this year, asking me instead to calculate depreciation for all prior years and aggregate it.
If TurboTax is calculating a number that is too large, and it seems to understand that, then why is it not simply capping the number it calculated at the max?
Also, I saw many other threads with this same issue in where customers were asked to right-click and override lines - That doesn't seem to work with the online version.
Good news! I was able to work through this using ChatGPT.
Turns out that total prior year(s) depreciation of a sold vehicle cannot exceed the business use % of the vehicle for the FIRST year it was placed in service.
TurboTax, and any of the community forum topics here, did not explain this clearly, nor help me to determine what that was - I had to go to OpenAI to get the correct answers.
In fact, TurboTax software directly led me on the wrong path to complete my taxes this year, asking me instead to calculate depreciation for all prior years and aggregate it.
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