vehicle taken out of service and sold the following year

[sam561]

ok I'm just stumped on this for some reason

I had a truck in my business which i put in service in 2019 and took it out of service in 2024 but did not sell it  now doing my 2025 taxes I need to put that I sold this vehicle in 2025  this is the question. used the standard mileage rate all years

1. I purchased this truck for 43000.00

2. the usage on this truck varied for the 5 years

3. do I take the 43000.00 and multiply the percentage to get the business portion used in my business   43000 x .11% =14237.00 ?

4. the next year i did 36.91% then 28.94% next year 3.86% 2.14& do I take all the years and multiply them by the 43000.00 to get the total amt of the sales price?

which totals 45168.80  I sold the vehicle for 35000.00  the miles i got from 2019-2023 was a total of 5545.00

so on the sale of business  or rental property

description i put 2017 truck

date acquired  06/17/2019

date sold   01/31/2025

total sales price   35000.00

cost of property 43000.00

depreciation taken (miles)  $5545.00

so what I am wondering  if I add up the business portion used  on the vehicle it comes to 45168.80 which is more than I sold it for 

1. do I put the 45168.80 as the sales price?  or the 35000.00 I actually sold it for?

sorry this is so long i can not see to find any answers to this crisis I'm having

thanks to any one that has time for this answer. 

[RobertB4444]

In order to get a business use percentage for the five years that you used it you would take the average for those five years.  For you, using the five numbers that you entered there, the percentage of business use for those five years was 16.57%.  Then entering the mileage should get you a lot closer to a reasonable number.

[sam561]

Thank you for your time that helps me so much 

[sam561]

sorry to ask again but do I take

total sale price ( the price I sold it for)  35000.00 X the 16.57% =5799.50 ?

the cost of property (or tax basis) plus expenses of sale  43000.00 ( what i paid for it)

depreciation taken on this property   (mileage I claimed for the 5 years) was $5545.00

sale of business or rental property page on turbo tax

  description   truck

date acquired   2019

date sold       2025

total sale price   5780   assuming thats the business part of the sale

cost of property   43000.00 what I paid for it

depreciation   $ 5545.00 that the mileage i took for the 5 years

again thank you for helping out me  

[Mike9241]

what you paid for it is not what you use. You used it about 17% for business, so the basis for the  business portion is what you paid times the % of business use, less the depreciation you deducted 

so if my math is correct

sale price business portion $5800

cost business portion $7125 ($43000 times 16.57%)

depreciation $5545

tax basis business portion $1580 ($7125-5545)

gain on business portion $4220 ($5800-1580)

sale price personal portion $29200 ($35000-5800)

tax basis personal portion $35875 ($43000-7125)

NONDEDUCTIBLE LOSS  ($6675)

[sam561]

geez I feel like such a dummy my brain is just not getting this for some reason

 does this information you gave me go one the car and truck expenses worksheet under disposition of vehicle?

or  sale of business or rental property?

line 44 sale price (says enterbusiness portion only)   29200

line 45  expense of sale 0

line 46 sec 179 didnt take it 0

line 49 gain/loss if different from line 33c don't have anything on that line 35875.00

I do not know where to place this information

ok so I placed the figure  line 44 sale price 29200.0

expense of sale line 45 35875 

and line 53 gave me the -6675  

is that correct way to do this?

i am so sorry guess this senior brain is in dumb mode 

thank you for all your time I really do appreciate it so much

[RobertB4444]

This is going to go in the sale of business property.  Because you had taken the truck out of service you will only need to enter the business portion of the truck sale.  You can skip the personal portion.