Where to enter FMV of Disposed Vehicle

Forum|Forum|4 years ago
March 24, 2022
1 reply
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I recently disposed of a vehicle used for business (insurance total loss) that was gifted to me in July 2009. I have the FMV of the vehicle at that time.

TurboTax Home & Business asks me how much I paid ($0). I filled in the rest of the information including the "Prior Year Section 179 Deduction" (from 2009). And later I entered in the Business portion of Sales Price (insurance payout).

When I run the review/check it tells me the Sect 179 cannot be greater than the vehicle cost. I zero the Sect 179 and checks out.

I went back to the Step-by-Step and this time it asks me for a FMV for the vehicle in addition to the price paid. I entered this and also entered in again the "Prior Year Section 179" thinking this would be compared to the FMV. Same rejection on the review/check.

Going back again on Vehicle expenses in Step-by-step and the entry for FMV is gone again.

So the question are: Do I need the FMV at the time the vehicle was acquired?

If so, how do I enter it if TurboTax doesn't ask for it?

TurboTax Home & Biz Windows

E

ErnieS0

Yes, Adjust the fair market value of your vehicle. The FMV of a donated vehicle is generally the smaller of what the vehicle was worth at the time you received it as a gift or what the donor paid .

To figure out what to use see: What is the basis of property received as a gift?

To get back to that section: