the ability to defer gain on a like-kind exchange except for real estate has been eliminated
so this is how the business gain works. $5,300 times total business miles divided by total miles
cost off vehicle allocated using the same formula
now each year you took the standard mileage deduction there was depreciation included in that mileage as follows
Rate of Depreciation Allowed in
Standard Mileage Rate
Year(s) Depreciation
Rate per Mile
2019 $0.26
2017–2018 0.25
2015–2016 0.24
2014 0.22
2012–2013 0.23
2011 0.22
2010 0.23
2008–2009 0.21
2007 0.19
2005–2006 0.17
2003–2004 0.16
2001–2002 0.15
2000 0.14
so you multiply the business mileage for each year by the rate for each year. then total
cost prorated as above
less business depreciation as computed
leaves tax basis of the business portion of the vehicle
$5,300 pro rated as above
less remaining tax basis = tax gain or loss.
