Business Income & Expenses:

Forum|Forum|7 years ago
April 14, 2019
1 reply
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~Did you trade in another vehicle to purchase your car~

If I answer YES, it then asks for Total cash/loan amount pd with the trade. Are they asking for what I paid for the car or what I got for the trade-in? I entered what I paid for the car and it came back as an error... amount too high. Not sure what they're asking for.

Deductions

Best answer by Kat11_2

Actually LAFAYETTE is the name of the street I lived on in Brooklyn It was a great block with great ppl.

Anyway, I'm completely lost on this vehicle thing. I think I'm making a big mess of it and I can't even find the page again where this question popped up :-{

I bought a car 12/2013 for personal use. At the end of 2014, when I launched my biz, I began using the car for business and personal...and I am still using it for business and personal now.

All I did was answer the darn questions in Turbo Tax and now I'm spending hours trying to get past this one part. So tired. Feel like I'm putting a ton of energy into something that I don't even need.

I know a little about business vehicle depreciation. I just don't know why you'd be receiving a message like this. Have you been using the mileage deduction since 2014 when you placed the vehicle into service for your business? And I understood that you'd traded in this vehicle on a new one....am I wrong? Or were those figures you shared in the earlier post from the original purchase of this vehicle in 2013?

Kat11_2

Employee

This question is asking for the balance you paid for the new vehicle after your trade-in in accounted for.

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

LafayetteGirlAuthor

Employee

tHAT'S WHAT i FIGURED, BUT IT DIDN'T ACCEPT MY RESPONSE.

My new care purchase price= $33197

Less Trade In - $ 6000

Amount I pd in CASH $27197

(I did not finance)

When I entered 27000, it bounced bk as an error

Kat11_2

Employee

This is for a vehicle used for business purposes? I'm assuming that you've been depreciating the vehicle that you traded in, and will now be putting the new vehicle into service.

Not sure why you'd be receiving an error notice. Let me see if I can get any assistance from other SuperUsers. It's late, and crazy in the forums, but maybe someone can help.

You're from Lafayette...what state? I'm a Louisiana girl myself, which is why I'm asking.

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***