Question

Profit or Loss from sale of business vehicle

Forum|Forum|3 years ago
April 12, 2023
1 reply
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I am self-employed. I drive rideshare. I sold a vehicle in 2022 for $14,000. I bought that vehicle in 2020 for $22,000. Why is my return stating that I had a profit from the sale?

Not A Product Question

J

JamesG1

Did you report the entire $14,000 as the Sales Price or did you report the $14,000 times the percentage of business use over the useful life of the vehicle?

For instance, if you used the vehicle for 40% business use, you would report $14,000 X 40% equals $5,600. See Business Portion at the screen Sales price.

You are able to view the details of the sale of the vehicle on IRS form 4797.

In the online versions, you may view or print at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets after you have paid for the software.

In the Desktop versions, one can look at the tax return by clicking FORMS, or by viewing the PDF through the Print Center.

@clcox2010

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