DianeW777
Expert Alumni

Get your taxes done using TurboTax

It should be a half year amount in the year removed from service if the useful life/recovery period had not yet expired. A vehicle has a three year life so it seems your chose to use a longer recovery period. You could certainly have some depreciation in 2023, because based on the date of purchase or placed in service, it would have been set up on a half year (HY) convention. This means you would get a half year for the year placed in service and a half year for the year removed from service.  

 

There may have been little to no limitations for this vehicle since the cost was lower than the average vehicle these days and it's important to account for any personal use portion, if any.

The business miles for all year divided by the total miles for all years is the calculation for the business uses percentage. If it was fully used for business then there's nothing to do for any personal portion of sale.

 

@Molytruck 

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