final 1065 vehicles on form 4562

[Acrafton614]

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.  

[Anonymous_ · Accepted solution]

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.

[Acrafton614]

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.

[Anonymous_]

The transaction should have reported in the tax year in which the vehicle was disposed.

[Acrafton614]

Since the trade-in of the car was not reported in 2012 on TurboTax what do I need to do?  TurboTax says an invalid date if I put in 2012 as the disposition date for the final 2022 return.  When the new vehicle details were entered in 2012 TurboTax did not walk me thru removing the vehicle that was traded in, could be my error. 

[Acrafton614]

Since the trade-in of the old car was not reported in 2012 on TurboTax what should I do?   

ReplyMark as Best Answer

[DaveF1006]

It should have been reported and disposed of in 2012. The Internal Revenue Service limits the amount of time you may amend a return to three years from the date you file the original tax return, or two years from the time you pay the tax for that year. At this point, you may need to seek the advice from a CPA to properly report your trade in for the year 2012.