Please help. Turbo tax does not make this simple. I don't know if I'm figuring this right, an accountant tried to explain but i still don't think i understand. And other posts like this are not helping either. Started business in Sept 22 wrote off 412 miles on 22 taxes and 4126 miles in 23. It was a personal vehicle used for business, small llc. It was worth about $39,000 (8 months old when started using for business, I think fair market value, $42.5K new). I used it 33% for business. Sold on 12/18/23. Used standard mileage rate so when calculating for TT, accumulated depreciation I took was $1262 ( 412 x .26 (year 22)plus 4126 x .28 (year 23) from miles above??? Sold vehicle for $32,500, 33% business use so $10725 is business portion sale price??? No expense for sale as I traded in.
I come up with a business loss of $882.
The questions I need to fill
*Sale price (business portion only) $10,725
*Expense of sale $0 traded for edge.
*Vehicle total cost when put in service $39,000 ??- doesn't say just business portion
*Bass for gain/loss (enter 100% of basis) $37737?? Vehicle total cost minus accumulated depreciation 39,000-1262 =37,737
*Basis for AMT gain/loss (enter 100% of basis) ??
*Depreciation Equivalent $1262 ?? Not sure I'm understanding this correctly.
*AMT Depreciation Equivalent ??
Turbo tax does a terrible job explaining. I have been searching this for 2 days. Any insight is appreciated.
