Vehicle used 100% for business. Depreciation

[mudtech61]

Tagteam,

Can you simplify this for a non tax person like me?

Depreciation amount taken in 2019 of $51,000 tax year vehicle purchased and business use began.

No depreciation taken for tax years 2020-2023

Vehicle sold in October 2023 for $29,500 (51,000-29,500 = 21,500 lost)

Amend the return and pay tax on $29,500 or $21,500 or percentage based on selling vehicle before 5 years of depreciation had lapsed? Know this was an error and will have to submit a corrected return but trying to figure the consequences/fees/fines and tax liability for the screw-up!

Appreciate your advice. Also your opinion on ownership of vehicle? Owned by me but purchased exclusively for business use?

[Mike9241]

don't see the entire thread concerning exactly what happened 

however, paying off a loan on the vehicle has no effect on any gain or loss on the sale of a vehicle

I think you need to see a pro to review what you did or didn't do