• Community
• Topics
cancel
Showing results for
Did you mean:
US En
• Community
• Topics
cancel
Showing results for
Did you mean:
US En
• Community
• Topics
cancel
Showing results for
Did you mean:
US En
• Community
• Topics
cancel
Showing results for
Did you mean:
Announcements
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Level 6

The cost basis and sales price for the sold car for rental properties help.

I used the same car for two rental properties and sold this vehicle in 2023.

I went to Less Common Business Situations -->  Sales of Business Property.

But I am still very confused about how to enter the total sales price and cost of property

Suppose:

The FMV of this vehicle started to use for rental 1 was \$40,000

The FMV of this vehicle started to use for rental 2 was \$30,000

Total miles driven in 2023 on this vehicle was 10,000 miles

Total business miles driven for rental 1 was \$1,300 miles (business portion = 1,300/10,000 = 13%）

Total business miles driven for rental 2 was \$1,500 miles (business portion =15%）

I sold this vehicle for \$8,000 in 2023

Should the total sales price be \$8,000 * 13% + \$8,000 * 15% = \$1,200 ?

Should the cost of property be \$40,000 *13% + \$30,000 * 15% = \$9,700?

If so, do you think the sales of this vehicle is actually calculated twice?

Connect with an expert
x

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.