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Schedule C vehicle standard deduction, where is the depreciation schedule? If you recapture through disposal/sale of vehicle how do you know what that amount will be without a depreciation schedule?

Schedule C vehicle standard deduction, where is the depreciation schedule? Is the depreciation included? It doesn't ask for the original price when you enter the vehicle in initially.

 

If you recapture through disposal/sale of vehicle how do you know what that amount will be without a depreciation schedule?

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1 Best answer

Accepted Solutions
ColeenD3
Expert Alumni

Schedule C vehicle standard deduction, where is the depreciation schedule? If you recapture through disposal/sale of vehicle how do you know what that amount will be without a depreciation schedule?

Please see this answer from KrisD.

 

Part of the standard mileage rate includes depreciation. 

For years 2017 and 2018 that amount was .25/mile. For 2019, it .26/mile

When the vehicle is disposed of, that depreciation taken must be subtracted from the basis of the vehicle. 

 

“Depreciation adjustment when you used the standard mileage rate. If you used the standard mileage rate for the business use of your car, depreciation was included in that rate. The rate of depreciation that was allowed in the standard mileage rate is shown in the Rate of Depreciation Allowed in Standard Mileage Rate table, later. You must reduce your basis in your car (but not below zero) by the amount of this depreciation.

If your basis is reduced to zero (but not below zero) through the use of the standard mileage rate, and you continue to use your car for business, no adjustment (reduction) to the standard mileage rate is necessary. Use the full standard mileage rate (54.5 cents (0.545) per mile for 2018) for business miles driven.” 2019 is .58 per mile.

 

Please see this link for more information.

Pub 463

 

@cyndif5944

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2 Replies
ColeenD3
Expert Alumni

Schedule C vehicle standard deduction, where is the depreciation schedule? If you recapture through disposal/sale of vehicle how do you know what that amount will be without a depreciation schedule?

Please see this answer from KrisD.

 

Part of the standard mileage rate includes depreciation. 

For years 2017 and 2018 that amount was .25/mile. For 2019, it .26/mile

When the vehicle is disposed of, that depreciation taken must be subtracted from the basis of the vehicle. 

 

“Depreciation adjustment when you used the standard mileage rate. If you used the standard mileage rate for the business use of your car, depreciation was included in that rate. The rate of depreciation that was allowed in the standard mileage rate is shown in the Rate of Depreciation Allowed in Standard Mileage Rate table, later. You must reduce your basis in your car (but not below zero) by the amount of this depreciation.

If your basis is reduced to zero (but not below zero) through the use of the standard mileage rate, and you continue to use your car for business, no adjustment (reduction) to the standard mileage rate is necessary. Use the full standard mileage rate (54.5 cents (0.545) per mile for 2018) for business miles driven.” 2019 is .58 per mile.

 

Please see this link for more information.

Pub 463

 

@cyndif5944

Schedule C vehicle standard deduction, where is the depreciation schedule? If you recapture through disposal/sale of vehicle how do you know what that amount will be without a depreciation schedule?

thank you!

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