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Level 3
March 22, 2023
Solved

Disposition of Asset not calculating correctly in program

  • March 22, 2023
  • 1 reply
  • 17 views

Schedule C client disposed of a vehicle. Vehicle cost 4900 and was fully depreciated in 2021. Car & truck worksheet shows an error in disposition section line 55, that depreciation allowed of 4900 is too large. Form 4797 page 2 line 21 shows basis as 0. But the car & truck worksheet line 31 shows basis as 4900. Any ideas why the basis is not flowing through to 4797 correctly?

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Best answer by TaxGuyBill

What was the business percentage in the current year?

1 reply

Level 15
March 23, 2023

What was the business percentage in the current year?

bebopAuthor
Level 3
March 23, 2023

100%