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Old 02-27-2014, 04:52 PM
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Loss on sale of business vehicle

I have a loss on the sale of a vehicle owned more than 1 year, no sec 179 taken, just regular depreciation. I filled out part I of form 4797, now wondering where I put the loss on both my 1120s (line 4?, line 9 of Schedule K?), and my California 100s. Thanks in advance!



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Old 02-28-2014, 02:22 AM
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Quote:
Originally Posted by Convergent5829 View Post
I have a loss on the sale of a vehicle owned more than 1 year, no sec 179 taken, just regular depreciation. I filled out part I of form 4797, now wondering where I put the loss on both my 1120s (line 4?, line 9 of Schedule K?), and my California 100s. Thanks in advance!
As you held it for more than 1 year,you need to report it on 4797 part 1. Line 7 and part 2 line 11 and on Form 1040, line 14.you do not need to report it in part 3 unless you have ordinary gain .



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Old 03-06-2014, 02:05 PM
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Smile

Thank you! That is what I did, but I wanted to make sure it was correct and couldn't find any info to verify.



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