When purchasing a vehicle for combined business/personal use, my understanding is that you put the full purchase price in the "Total Cost" field and TurboTax automatically calculates the deduction based on the number of kilometres used for business versus the total number of kilometres.
Is the same true when selling a vehicle for combined business/personal use? That is, do you put the full amount received in the "Proceeds" field? Or do you manually calculate the prorated amount based on the number of kilometres used for business versus the total number of kilometres?
Thanks in advance!
That is correct. Please put the selling price of the property disposed of in the "Proceeds" field. This can also be compensation received for property that was expropriated, destroyed, damaged, or stolen.
If you need additional help, please reach out to us through our phone support team or contact us directly on Facebook or Twitter where our experts will be more than happy to guide you in a quick and effective manner.
Thank you for choosing TurboTax.
That is correct. Please put the selling price of the property disposed of in the "Proceeds" field. This can also be compensation received for property that was expropriated, destroyed, damaged, or stolen.
If you need additional help, please reach out to us through our phone support team or contact us directly on Facebook or Twitter where our experts will be more than happy to guide you in a quick and effective manner.
Thank you for choosing TurboTax.
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