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PPSMissie
Returning Member

Calculate depreciation equivalent

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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1 Reply

Calculate depreciation equivalent

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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