- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I'm working in ProSeries Basic, reporting disposition of a vehicle for which we've been claiming actual expenses. Business use has varied over the years. I've calculated the overall business use (it's well over 50%) and apportioned the sale between business and personal. Taking into account the $25000 Sec 179 deduction, the special depreciation allowance, and the ordinary depreciation, I believe I should have a gain of over $20K. But ProSeries is giving me a much lower gain and the depreciation doesn't show up on the 4797. I can't see how it's coming up with the figures it's giving me. Any suggestions much appreciated.
Solved! Go to Solution.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yeah, the Asset Entry Worksheet is not set up for variable-business percentage. For the Basis, it uses the current year business percentage, rather than the average percentage (see option #2).
Option #1: Only enter the disposition date and leave the sales price BLANK on the vehicle sheet. Then use the "Enterable 4797" to manually enter the information for the gain.
Option #2: (a) Take the AVERAGE percentage and DIVIDE it by the CURRENT year percentage. (b) Multiply that by the purchase price/Basis. (c) Enter that result on Lines 54 and 55 of the vehicle worksheet. It looks funky on the worksheet, but the proper numbers should flow to the 4797.