Turbotax deducting purchase sale price of personal vehicle used for business purposes?

Forum|Forum|4 years ago
March 26, 2022
1 reply
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I have used turbotax for many years and never had an issue with mileage... however, this year its acting different.

So I bought a car last year for $55,000. I drove about 50 miles for work, which turbotax correctly attributes as 0.39%. I sold it for $35,000.

So for sales price, business portion, it says to do .39% of 35k, which is $137. Then it says the purchase price on the bext page which is $55k, and then it is claiming I am taking a loss of $78 on the disposition.

I mean fine, I guess, but I should only be taking the 50 miles for work * .58, which is $29.

What am I doing wrong that has me stuck in this "disposition of assets" bs?

TurboTax Home & Biz Windows

M

Mike9241

that $ .58 actually includes a depreciation amount. so your basis is reduced by 2020 mileage times (the depreciation per business mile) $.27 +2021 business mileage times $.26

IRS PUB 463