Business Income & Expenses:

[LafayetteGirl]

~Did you trade in another vehicle to purchase your car~

If I answer YES, it then asks for Total cash/loan amount pd with the trade. Are they asking for what I paid for the car or what I got for the trade-in? I entered what I paid for the car and it came back as an error... amount too high.  Not sure what they're asking for.

[Kat]

This question is asking for the balance you paid for the new vehicle after your trade-in in accounted for.

[LafayetteGirl]

tHAT'S WHAT i FIGURED, BUT IT DIDN'T ACCEPT MY RESPONSE.

My new care purchase price= $33197

Less Trade In                             - $ 6000

Amount I pd in CASH              $27197

(I did not finance)

When I entered 27000, it bounced bk as an error

[Kat]

This is for a vehicle used for business purposes?  I'm assuming that you've been depreciating the vehicle that you traded in, and will now be putting the new vehicle into service.  

Not sure why you'd be receiving an error notice.  Let me see if I can get any assistance from other SuperUsers.  It's late, and crazy in the forums, but maybe someone can help.

You're from Lafayette...what state?  I'm a Louisiana girl myself, which is why I'm asking.

[LafayetteGirl]

Actually LAFAYETTE is the name of the street I lived on in Brooklyn 🙂 It was a great block with great ppl.

Anyway, I'm completely lost on this vehicle thing. I think I'm making a big mess of it and I can't even find the page again where this question popped up :-{

I bought a car 12/2013 for personal use. At the end of 2014, when I launched my biz, I began using the car for business and personal...and I am still using it for business and personal now.

All I did was answer the darn questions in Turbo Tax and now I'm spending hours trying to get past this one part. So tired. Feel like I'm putting a ton of energy into something that I don't even need.

[Kat · Accepted solution]

I know a little about business vehicle depreciation.  I just don't know why you'd be receiving a message like this.  Have you been using the mileage deduction since 2014 when you placed the vehicle into service for your business?  And I understood that you'd traded in this vehicle on a new one....am I wrong?  Or were those figures you shared in the earlier post from the original purchase of this vehicle in 2013?

[LafayetteGirl]

I went thru the entire business section again, got to review tab and the error did NOT come up this time. Yay- moving on. Thnx for your help!

Now gotta sort out state stuff.

[Kat]

FABULOUS!!!  You're almost done!  Blessings to you.

[LafayetteGirl]

Can you help with another question?

I have my IRS transcript but I'm not sure which line is AIG. Is it wages, salaries, tips, etc?

[Kat]

It would be the Adjusted Gross Income.  Not sure on which line you'll see that on the transcript.