ThomasM125
Expert Alumni

Get your taxes done using TurboTax

Since you used the standard mileage method to report your auto expense deduction, you would have to multiply the business miles each year by the depreciation rate per mile as listed in IRS Publication 463 to arrive at the depreciation allowed per year:

 

Add up the annual depreciation allowances and subtract that from the cost of your vehicle to arrive at the cost basis. You would also have to multiply the cost by the business use percentage to arrive at the cost of the vehicle for business purposes.

 

The AMT basis would be the same as the regular basis since you didn't use any special or section 179 depreciation.

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