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Get your taxes done using TurboTax
Yes, the depreciation equivalent would be the business miles times the depreciation equivalent factor for each year you used it in the business, added together. The cost would be what you paid for the vehicle times the business percentage of use. For instance, if you used the vehicle 90% of the time for business, then multiply 0.90 times the cost of the vehicle to get the business cost. The sales price would be the insurance proceeds if any, otherwise it would be $0.00.
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‎January 19, 2023
3:45 PM