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Deductions & credits
To tie into this question I'm in a similar situation and rather than keeping the earlier vehicle as the author has, I traded mine in.
Its asking me for prior depreciation (which I have) and also me to calculate the straight-line depreciation to calculate the amount off difference (recapture) amount. Do I use the mileage multiplier by year X mileage used in business that year, adding up the 5 years I used in business and the total is my straight-line depreciation amount?
‎April 20, 2021
2:34 PM