JulieS
Expert Alumni

Deductions & credits

The missing piece is the depreciation. If you used the standard mileage rate to deduct your vehicle costs, a portion of each mile is considered depreciation.

 

For 2019, the total standard mileage rate is 58 cents per mile and 26 cents is considered depreciation. if you drove 1000 miles for business in 2019, that would reduce the basis of your vehicle $260.

 

I don't know many miles you claimed for this vehicle over the years that you used it, but it should work out if you used Turbo Tax every year.

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