Trying to figure out what to enter on the different screens for a vehicle used for business and for personal sold in 9/7/2022 for $500 with an expense of $13.
Vehicle was first depreciated 2/1/16 at a basis of $12,000.
2016 - 12.29% use, 772 miles, recovery basis $1475, depreciation $185
2017 - 1.37% use, 84 miles, recovery basis $164, depreciation $0
2018 - 41.19% use, 2768 miles, recovery basis $4943, depreciation $692
2019 - 31.17% use, 1122 miles, recovery basis $3740, depreciation $292
2020 - 52.27% use, 784 miles, recovery basis $6272, depreciation $980 (accumulated depreciation 2149)
2021 - 94.74% use, 380 miles, recovery basis, depreciation $0
(switched to turbotax tax year 2021 so don't have prior numbers entered already for the program to pull from)
What do I need to do to figure out entering in the TurboTax questions for filling in the form correctly?
Sales Price (business portion only)
Expense of Sale (business portion only)
Vehicle Total Cost
Basis for gain/loss
Basis for AMT gain/loss
Prior depreciation equivalent
AMT prior depreciation equivalent
Hello and thank you for your question. Disposition of a business vehicle can be complicated. For this question, I would like to recommend to schedule a call back or set up a chat within TurboTax to speak to a Tax Expert. They will have the tools available to do screen share and explain the information that is being requested. I will also include a link to business use of vehicles.
@ayrashi wrote:
How do I set up speaking to someone via phone or chat?
See this TurboTax support FAQ for contacting support - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/turbotax-phone-number/L0Od33nMQ_US_en_US?uid=lfgviwbm
Support can also be reached by messaging them on these pages https://www.facebook.com/turbotax/ and https://twitter.com/TeamTurboTax