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We bought a used semi truck Sept 22, 2011, and of course,

Customer Question
Hi, we bought a...

Hi, we bought a used semi truck Sept 22, 2011, and of course, have been deducting expenses rather than using the standard mileage. The truck essentially blew up in 2016 and we sold it for parts. How do I calculate the gain/ loss basis and enter that into Turbo Tax. I'm stuck.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

The truck died March 5, 2016

Submitted: 3 months ago.Category: Tax
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Customer reply replied 3 months ago
The purchase price for the truck was 84357.69. We sold it for parts for 3500.00
Customer reply replied 3 months ago
There are two boxes one is labeled "Basis for gain/loss (enter 100% of basis)" The box below is labeled "Basis for AMT gain/loss (enter 100% of basis)" and we used the semi truck 100% for business.
Answered in 2 hours by:
3/31/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 3 months ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question. You would take the purchase price for the truck o 84,357 less depreciation = a net amount, less 3500 = gain or loss.

Turbotax asks about disposition of an auto - if it does not come up, go into the upper right corner - "find" - write in automobile or disposition - it should state "Jump to...." - click on this.

Let me know if this helps. Thank you.

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