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Get your taxes done using TurboTax
Some follow-up questions to your example.
1. After gifting the vehicle to the daughter, in my Rental Properties and Royalties section, do I `Delete` the vehicle from `Vehicle Summary`?
2. If instead of gifting the vehicle, I purchased it for $15000, and sold it for $8000. With $3000 of depreciation using standard mileage over a period of 3 years. How do I calculate "Depreciation Recomputed on This Property Using the Straight-Line Depreciation Method??
March 4, 2023
2:34 PM