TT got to be too troublesome and buggy for me three years ago, and I went to a local CPA to have my taxes done. Best $700 I spent all year. The CPA is literally a lifelong friend of a neighbor and I trust him. His attitude toward the messes from Turbotax that people bring him is the trash bin. So glad I don’t have to fret over answering TTs loaded questions anymore to get he right answer.
TC
To the OP.
Did you trade in the vehicle? Let me tell you that the rules in this area are really complicated. Well, the concept is not all that difficult, but working through it is hard enough in the software the professionals buy. In TT it must be a real mess.
I don’t know how well I can explain this - but in most cases when you trade in an asset used for business purposes you end up with TWO depreciable assets (for tax purposes).
One asset is based on the remaining un-depreciated business portion of your trade-in.
The other asset is the remainder of the cost of the new asset.
From an accounting perspective this makes some sense.
This post will probably result in lots of hate at Congress and the IRS. Just remember, there are some things that you can do yourself. But not everybody wants to do their own plumbing, brain surgery, hair cut, auto repair, appendix removal, plastic surgery, embalming.
You get the idea?