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Posted

Schedule C client sold her car and bought a new one. She's been using standard miles. Standard miles depreciation does exceed cost of car. No problem there, it gives you a place to override the allowed depreciation. But for the business portion of the selling price it is using the current 2010 business use percentage (53%), but overall the vehicle has only been used 40% for business. I tried overwriting the percent business use, but it keeps changing it back to 53%. I tried to just enter it on the 4797, but then it just adds the gains on sale together (it doesn't show a 2nd sale, but the amount on line 31 includes both. (OK, I don't see either sale listed when I "peek" and when I "review" I get the one sale.)

Any ideas how to get the correct figures to the 4797?

I do like that the vehicle tab shows you the current vehicle std miles depreciation and gives you a place to enter the prior accumulation.

Thanks!

Posted

As a work-around I adjusted the total miles on the sold car to get the right percentage. It didn't affect anything else since there was no interest paid.

Is there some reason that this wouldn't work?

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