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R
robin7699
March 26, 2025
Question

I traded my lease vehicle for the exact amount owed as a payoff. My state return is treating this as a capital gain. what am I doing wrong?

  • March 26, 2025
  • 1 reply
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    1 reply

    D
    DianeW777
    March 26, 2025

    It depends. Since this is a leased vehicle you may have to review the federal return in the vehicle asset to make sure there is nothing indicating it was owned. It may be a good idea to print your return before filing.

     

    You have access to all forms when you choose to print your return in TurboTax Online/Mobile.  However you are required to pay before printing, but do not have to file until you are ready.

    If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.

     

    [Edited: 03/26/2025 | 1:03 PM PST]

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