Question

Sale of vehicle used for personaal and business purposes

Forum|Forum|3 years ago
April 13, 2022
1 reply
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I purchased a car in 2019. I sold it in 2021. Even though the amount that I received is less than I paid for the car, Turbo Tax is telling me that I have a capital gain. What am I doing wrong? It asks for the purchase price which. It asks how much of the sale price goes towards the business. I'm not sure what I put in for the basis for gain or loss. It will not allow me to put in a negative number. Guess it is supposed to figure that.

J

JamesG1

You are able to review the details of the sale on IRS Form 4797 Sales of Business Property. The sale is likely listed under Part III.

There may be two components of this gain.

Gain on sale of the asset because the basis of the asset is reduced by the amount of depreciation claimed, and
Depreciation allowed or allowable. This gain may be found on line 22 of IRS Form 4797.

View the entries at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.

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