final 1065 vehicles on form 4562

Forum|Forum|3 years ago
January 17, 2023
6 replies
58 views

An LLC ceased operations on 6/30/2012. They have a vehicle still showing on the asset list that was purchased 12/20/2003 and traded in on the current vehicle on 6/21/2012. The current vehicle's basis was reduced by the trade-in allowance but the 2003 vehicle was not removed from the 2012 return when it was traded in. I am doing the final return and when I enter 6/21/2012 as the disposition date for the 2003 vehicle I get an invalid date message. Not sure what to do. Please help.

TurboTax Business Windows

Best answer by Anonymous_

Are your dates correct or is there a typo (actually multiple typos) and which tax year are you preparing?

You will not be able to enter a disposition date of 2012 for a 2022 return being prepared with TurboTax Business. You can do this in Forms Mode but the program will throw an error and, ultimately, you will have to print and mail the return.

Anonymous_Answer

Level 15

Are your dates correct or is there a typo (actually multiple typos) and which tax year are you preparing?

Acrafton614Author

Level 2

I am preparing the final return for tax year 2022. I did not know the old 2003 vehicle was still on the asset list since it was traded on the new vehicle in 2012. I have always used TurboTax.