ErnieS0
Expert Alumni

Get your taxes done using TurboTax

@luis19 As @PCF said, TurboTax picks up the final year percentage for calculating gain or loss for the disposition of a vehicle. The cleanest solution is to delete your vehicle all together and re-enter your information. Copy everything down before you do that.

 

Once you get to vehicle sale section, enter the actual depreciation based on your records or as calculated (if you are used standard mileage).

 

To determine the depreciation equivalent of your standard mileage deduction for any year you used the standard mileage rate, multiply the applicable amount below by your business miles:

  2020..........27 cents
  2019..........26 cents
  2017-2018.....25 cents
  2015-2016.....24 cents
  2014..........22 Cents
  2012-2013.....23 Cents
  2011..........22 Cents
  2010..........23 Cents
  2008-2009.....21 cents
  2007..........19 cents
  2005-2006.....17 cents
  2003-2004.....16 cents
  2001-2002.....15 cents
  2000..........14 cents
  1994-1999.....12 cents
  1992-1993.....11.5 cents
  1989-1991.....11 cents
  1988..........10.5 cents
  1987..........10 cents
  1986...........9 cents
  1983-1985......8 cents
  1982...........7.5 cents
  1981...........7 cents

For tax years before 1990, these rates applied only to the first 15,000 miles. For tax years after 1989, these rates apply to all business miles.

Use these amounts for both your regular tax depreciation and your AMT depreciation. However, the total amount you enter cannot exceed the depreciable basis of the vehicle.

Remember, if you used the actual expense method in any year, you must use the depreciation computed for that year instead of the mileage amounts.

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