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glennreedcfo
Level 2
February 13, 2021
Question

I am selling an automobile, at a loss - the asset was recorded on form 4562. Do I record the disposition through Form 4562? (Forms are showing a Sec 1231 Gain)

  • February 13, 2021
  • 2 replies
  • 18 views
Thanks for help from the Community.
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2 replies

George4Tacks
George4Tacks
Level 15
February 13, 2021

I assume it is in the depreciation input. https://proconnect.intuit.com/community/form-8949/help/entering-a-sale-or-disposition-of-assets/00/5249 should get you there

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G
glennreedcfoAuthor
Level 2
February 13, 2021

Thank you - will take a look at the link. Much appreciated!

qbteachmt
qbteachmt
Level 15
February 13, 2021

Is this from your client's business or their personal vehicle? Is that a specialty vehicle? What makes it "a loss?" What about previous depreciation?

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G
glennreedcfoAuthor
Level 2
February 13, 2021

Thanks - good questions.  Clients business use vehicle.  Sold at a loss. (Cash Received less than depreciated book value)

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