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Deductions & credits
We never took a depreciation deduction, only mileage. But now on the sale turbo tax is asking me to entering purchase/selling price and to figure out previous years depreciation taken by multiplying the business miles used each year x a PORTION of the mileage rate- ie 2018 is miles x .26, 2017 x .25, etc. TT then shows I have a gain on the sale and is adding to my tax.
‎April 1, 2020
3:56 PM