Vehicle trade-in with standard mileage deduction and only 10% business use.

[ksandbothe]

I bought a vehicle in 2014 that I used approximately 10% for business use, from 2014-2018, and only took the standard mileage deduction. In 2019 I used it 67%, and plan on continuing with standard mileage deduction. I purchased it for $29,000, and traded it in for $19,100. The new vehicle is $35,000. How do I calculate my "business portion" of the sales price?

The new vehicle will also be used minimally, 10% or so for business.  How do I handle this in TurboTax?

[Anonymous]

you need to split the cost of the original vehicle between business and personal use based on business mileage for all years to total mileage for all years (business %). this gives you the business basis of the vehicle.  From this you subtract the depreciation taken for the years 2014-18 and for 2019 subtract the business mileage times 26 cents.  you now have the net tax basis for the business portion.  like-kind exchanges are no longer allowed for vehicles so you are treated as selling the vehicle for the trade-in value.  multiply the trade-in value by the business % previously determined.   this is the sales price of the old vehicle.  any gain or loss is reportable for tax purposes should end up on form 4797.  the cost if the new vehicle is the purchase price less any discounts + sales taxes (the trade-in value given is ignored) 

thank the new tax laws for making this more complicated.