Fosterconsult's Posts

Fosterconsult · ‎02-24-2020

I have calculated the depreciation for all years and the business percentage of the sales price and cost (vehicle had some personal use each year). When I go to enter these calculation into the ente...

I have calculated the depreciation for all years and the business percentage of the sales price and cost (vehicle had some personal use each year). When I go to enter these calculation into the enterable Form 4797 I get an error stating that only gains are to be reported in Part III. Where would I enter the information to report the loss? Do I enter on Page One under the Section 1231 property?

Fosterconsult · ‎12-07-2019

Yes I understand that I cannot take a personal loss. As for step 2, the built in factor for depreciation is applied to ALL miles since it is a luxury vehicle? Thanks for your prompt and clear answer...

Yes I understand that I cannot take a personal loss. As for step 2, the built in factor for depreciation is applied to ALL miles since it is a luxury vehicle? Thanks for your prompt and clear answer. That is what I thought but needed confirmation. Thanks Tax Guy Bill!

Fosterconsult · ‎12-07-2019

Pub 544 not final yet. ProSeries is wanting me to a like-kind exchange, but tax reform states only real property is used for Form 8824. Should I calculate the business use percentage for all years,...

Pub 544 not final yet. ProSeries is wanting me to a like-kind exchange, but tax reform states only real property is used for Form 8824. Should I calculate the business use percentage for all years, the mileage depreciation rate for ALL miles since it's a luxury vehicle, and enter on the "enterable" Form 4797 and Sch D as applicable to figure gain/loss? Then enter the full purchase price of the new vehicle on the Car/Truck worksheet?

Fosterconsult · ‎12-06-2019

Fosterconsult's Posts

Fosterconsult's Posts

Loss on trade-in of business vehicle cannot be entered in ProSeries enterable Form 4797

Yes I understand that I cannot take a personal loss. As...

How is everyone entering the 2018 trade-in of partial business use luxury vehicle in proseries 2018?

Why isn't Pro Series Basic 2018 updating forms? Rebooted computer and updated software. Forms still not ready for efile.

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