I had a 2015 Nissan Juke, Bought new for around 28,500. I can't remember exact sales price. I have used the car for business use 100% only. I have never depreciated the car. Disposed of the car 8/1/2024, Due to having over 300,00 Miles on it and it can no longer be driven. Always used the Standard Mileage Deduction. I have taken the mileage each year of use and multiplied it by the cents for each year. This is where I get confused. What is the prior Depreciation Equivalent and What is the AMT Prior Depreciation Equivalent. Here are my numbers. Please Help !!!!
Year Mileage Cents Total
2015 11,730 .24 2,815.20
2016 44,978 .24 10,794.72
2017 45,595 .25 11,398.75
2018 41,311 .25 10,327.75
2019 40,171 .26 10,444.46
2020 33,528 .27 9,052.56
2021 46,307 .26 12,039.82
2022 37,508 .26 9,752.08
2023 40,054 .28 11,215.12
Total ( 284,474 ) (87,840.46)
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It is $87,840.46. However, for purposes of reporting the sale in TurboTax, enter $28,500 (the purchase price), because depreciation can't lower your 'Basis' below zero.
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