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Get your taxes done using TurboTax
You would have had to enter the vehicle information as an asset from the year you began using it for the business. I would create a new asset with the basis of what the vehicle should have been in the beginning of this year and then record the sale of that asset. In order to do this, You would need to know the basis when you began using it, then deduct mileage depreciation from there. Here is a link illustrating the amount of depreciation taken for each mile driven. https://www.irs.gov/pub/irs-drop/n-21-02.pdf
March 28, 2022
10:32 AM
2,645 Views