Question

Sale of Business Property (Vehicle)

Forum|Forum|1 year ago
February 22, 2025
2 replies
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I calculate

Unadjusted Business Basis: $24580 x 19.13% = $4702
Minus Depreciation (Adjusted Business Basis): $4702-$4829 = $-127
Business Selling Price: $9,000 x 19.13% = $1722

That results in a business gain of $1850

Turbo tax is saying that Depr allowed or allowable is too large. For disposition calculations, depreciation cannot exceed business basis. Please see tax help for this field.

I actually calculated from 2013 through 2023 depr. from my tax files and its correct $4829.

for Percentage of buisness used I calculated by miles that comes out to 18% but avarage %age of all years comes out to be 19.13%.

What should I do. or where I make mistake.

Please help.

Thanks

M

MMG62Author

It says its AMT Depreciation allowed/Allowable is too large.

A

AmeliesUncle

@MMG62 wrote:

Minus Depreciation (Adjusted Business Basis): $4702-$4829 = $-127

Basis can't go below zero. Only enter $4702 of depreciation.

You can't report it in the vehicle section. In the vehicle section say it was converted it personal use then report your manually calculated numbers in the "Sale of Business Property" section.