What to enter for prior depreciation equivalent and AMT prior depreciation equivalent when calculated amount is greater than cars value when put in use

I had a low value car, put a lot of miles on it, and last year turned it in for scrap metal. The depreciation value I calculate by the guidelines is near twice what I estimate the car was worth when put in use, turbo tax says not to enter an amount over the value of the car but insists I enter an amount for both prior depreciation and AMT prior depreciation. What then do I enter, and would I enter the same amount for both?

30137

Expert Alumni

Jun 3, 2019 10:48:53 AM

Yes, enter the total original value of the vehicle in both the Prior Depreciation and AMT Prior Depreciation boxes. Since you cannot claim more depreciation than the cost/value of the vehicle when you began using it, you are limited to that number when reporting the sale/disposal.

New Member

Apr 22, 2020 5:07:06 PM

i used my vehicle for trade in value towards a new one. both being used for business but do i fill out something different for that

New Member

Dec 23, 2024 10:17:20 AM

how do I come up with the ATM prior depreciation

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What to enter for prior depreciation equivalent and AMT prior depreciation equivalent when calculated amount is greater than cars value when put in use