Personal portion of the total sales price?

[heather_corson]

I traded in my business/personal vehicle to the dealership and was given $2,000 for my trade and put it towards my new car. Under my state tax return, I'm led to a page where it is asking for the personal portion of the total sales price of the old vehicle.

"We show a net sales price for this asset. Enter any additional personal portion of the total sales price.
Note: leave this field blank if you used 100% of the asset for business or rental purposes or 100% for personal or investment purposes."

What am I supposed to put in the Personal Portion of Total Sales Price field? I can't leave it blank because the vehicle was for both business and personal use.

Thank you in advance for the help!

[MarilynG1 · Accepted solution]

When you entered your Sale/Trade-In info for your Business Vehicle in your Federal Return, it will show you your Personal Portion of the Vehicle, based on your Total Miles and Business Miles you entered.  You can use this % in your State Return. 

Go back to Vehicle Expenses in your Federal Return and report that you 'stopped using the vehicle' and the date.  After you enter your 2019 expenses, you will see a a screen that give your the Business Use % (screenshot). 

Enter the Sales Price (trade-in amount) based on this %. Depending on whether you had been claiming Actual Expenses or Standard Mileage for your Business Vehicle (and how long you've used the vehicle for business), you may have a Gain or Loss to report.

If you had been claiming Actual Expenses, TurboTax will fill in a Prior Depreciation amount for you.  

If you had been claiming Standard Mileage, you will need to calculate your Prior Depreciation based on the number of Business Miles you have claimed since you started using the vehicle for business.

If you have been using the vehicle for over five years, it is fully depreciated and you can leave this blank or enter $0. If not, see the screenshot below for the Depreciation Equivalent to use in calculating your Prior Depreciation. 

[heather_corson]

This is incredibly helpful, thank you for a very detailed response!

[MarilynG1]

My pleasure!

[fyrefli]

Thank you, this was a very helpful answer! If the percentage you highlighted in the screen capture is 0% but we used the vehicle for business different percentages each year, do we need to go back and calculate all miles vs business miles, or just use the percentage shown in Turbotax for this year?

We  use the Standard Mileage Deduction based on miles we entered.