Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

I bought bmx x5 in 2004 65000. Used

Customer Question
I bought bmx x5 in...
I bought bmx x5 in 2004 for about 65000. Used for business about 85% of mileage each year. BMW got totaled in Feb7/2015. I got paid by inurance company 11528. I am using turbotax to file returns. Where it asks Vehicle total cost I filled in 64,500 which was what I paid in 2004.
I cut and paste Turbotax sections and I am unable to figure out the last section "Calculate Depreciation Equivalent"...how do I do that??? please see below
turbotax:
Sales Price
bmw x5
Because you stopped using this vehicle for this business in 2015, we need to know the business portion of the sales price you received for this vehicle and any expenses of sale, such as advertising or commissions.Normally that would be whatever someone paid you for it - times this vehicle's business use percentage (89.33%). But if you traded it for non-business property, or just stopped using it for business, select how to determine the sales price.
Sales Price (Business Portion Only) Learn More : 10297 (89.33 % of $11528)
Expense of Sale (Business Portion Only) Learn More
Vehicle Cost
bmw x5
Since you didn't claim depreciation for this vehicle, we'll also need the vehicle's total cost. The cost would normally be the purchase price. Learn MoreIf you do not immediately use the vehicle for business, the cost will generally be the fair market value of the vehicle at the time when you placed it in service.
Vehicle Total Cost $ 64,500Gain or Loss Basis
bmw x5
If you acquired this vehicle by trading in listed property that was used less than 100% for business, your basis for computing the gain or loss on this sale may be different from the basis you used to compute depreciation for this vehicle.If this applies to you, select trade-in for details on computing these amounts. Otherwise, leave these fields blank.
Basis for gain/loss (enter 100% of basis) Did not trade -in so left in blank
Basis for AMT gain/loss (enter 100% of basis)Calculate Depreciation Equivalent
bmw x5
Enter the depreciation equivalent of your standard mileage deduction for the years before 2015 (we'll compute the 2015 amount for you.) Learn More
Note: Do not enter an amount greater than the cost of your vehicle.
Prior Depreciation Equivalent
AMT Prior Depreciation Equivalen
Submitted: 2 years ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 1 hour by:
4/10/2016
Financial Professional: Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions. replied 2 years ago
Shawn P Adamo
Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Finance
Satisfied Customers: 2,884
Experience: CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Verified
I can walk you through it via phone call.
Ask Your Own Finance Question
Customer reply replied 2 years ago
I am unable to do the phn call ... I am currently overseas. Can you please help online?
Financial Professional: Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions. replied 2 years ago
Sorry. Not for that price. I'll opt out.
Ask Your Own Finance Question
Financial Professional: Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions. replied 2 years ago
I would help but the cost would me more. I'll send an offer.
Ask Your Own Finance Question
Financial Professional: Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions. replied 2 years ago
Sorry the technology will not allow me to offer you a higher price because of the call.
Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Shawn P Adamo Your Own Question
Shawn P Adamo
Shawn P Adamo
Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Finance
Satisfied Customers: 2,884
2,884 Satisfied Customers
Experience: CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.

Shawn P Adamo is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I am trading cars with a friend his car book value is $5,000
I am trading cars with a friend his car book value is $5,000 more, when we apply for a new registrations is there a tax break because of the exchange. Would it make a difference if the cars had the sa… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,617 satisfied customers
Business Tax question here! Thanks for any help. I have been
Business Tax question here! Thanks for any help. I have been doing business taxes on a schedule C for several years but have requested and been approved by the IRS to change to an S-corp effective Jan… read more
Chad Schoch
Chad Schoch
Bacehlors of Business Administration
20 satisfied customers
Lane, I have a client that back in 2015 had 2 Sole
Hi Lane,I have a client that back in 2015 had 2 Sole Proprietor business. One was a real estate company and the other sold Antique Furniture company. Last year I depreciated the clients Kia off of the… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a vehicle that I received in 2015 as a gift from a
I have a vehicle that I received in 2015 as a gift from a relative. I used it for work and am taking business deductions for the vehicle.Turbo tax is now asking me what I paid for the Lexus in order t… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How do you fill out rental and business income on TaxAct? I
How do you fill out rental and business income on TaxAct? I think I may need help via Skype?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
This is ***** *****. Here is my question. I sold my rental
I sold my rental property last year. Turbo tax add $41k into 6251 line 19. I checked it . This amount from the the loss 2006-2013. Can I reduce it? … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Because of my wash sale I am having trouble reconciling my
because of my wash sale I am having trouble reconciling my income on my balance sheet. where do I enter the rest of the loss from the wash sale. We are talking almost $7000… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
My name is ***** *****. I have a questions regarding
Hi my name is ***** *****. I have a questions regarding disposition of Section 179 assets and S Corps. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Have some questions regarding liabilities I can include on
Have some questions regarding liabilities I can include on my insolvency worksheet for form 982Specifically I want to know can I include any of these items on the liability portion of the worksheet. (… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I bought new car solely purpose and this own new company in
I bought new car solely for business purpose and this for my own new company in Aug 2015. I registered my new company s corp in Sep 2015. I use car for the new company. I wanted to use actual car expe… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Considering expense & tax implications what is the
Considering expense & tax implications what is the general guideline advice for a small S_Corp providing a vehicle for business purposes only to it's Chief executive: purchase at 0% interest loan or l… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is the $25,000 associated with the 6,000 lb plus vehicles
For Lane: Is the $25,000 associated with the 6,000 lb plus vehicles part of the total allowed Section 179 deduction? In other words, if I purchase and finance a vehicle that meets the requirements und… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
SCorp vehicle was trade in newer model. Had section 179 of
SCorp vehicle was trade in for a newer model. Had section 179 of 9k and current depreciation of 4k for previous vehicle. Previous vehicle was trade in back in May 2014. Trade in given for previous veh… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Question regarding 1099- from tradestation securities for
Question regarding 1099-B from tradestation securities for day trading FUTURES as a "non-professional" trader in 2014. On turbotax, I have been trying to enter info under Investment Income 1099-B or b… read more
R. Klein, EA
R. Klein, EA
Accountant
Master's Degree
480 satisfied customers
I sold a business/personal vehicle that I used since 2005 . Wh
I sold a business/personal vehicle that I used since 2005 for 2800. When TT calculate, it says my excess basis is too large. Purchase price on the 2010 Dodge was 18008.50. My loan was 15511.50.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am a 100% shareholder of my s corp. These questions pertain
I am a 100% shareholder of my s corp. These questions pertain to my 2013 corporated taxes. I paid for my own health care. Where do I enter the information on my 1120S? I do not see "other" after Line … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
Hi Rakhivasavada< hopefully you are on tonight. In TurboTax
Hi Rakhivasavada< hopefully you are on tonight. In TurboTax i am entering business info. I have a non 1099 independent contractor job as a driving instructor. I was using car A that I bought in 201… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
I have depreciated 60% of vehicle useage for my business over
I have depreciated 60% of vehicle useage for my business over the past 7 years. I no longer use this vehicle in my business--it is parked in a garage, but I plan to trade it in sometime. Can I take it… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x