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- If a personal vehicle being depreciated on a Schedule C with just 2% business usage is sold, why is a 4797 being generated for the total loss on the vehicle vs 2%?
If a personal vehicle being depreciated on a Schedule C with just 2% business usage is sold, why is a 4797 being generated for the total loss on the vehicle vs 2%?
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terry13
Level 1
03-04-2022
02:16 PM
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The vehicle was used over an 8-year period and sold in 2021 at a $17K loss. The input pages show the 2% biz use but the whole -$17K appears on the 4797 and 1040. How do I force it to cap at 2%?
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