A portion of the standard mileage deduction is considered depreciation:
Year(s) Depreciation Rate per Mile
2021 $0.26
2020 0.27
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
You will have to see how many miles you drove the vehicle for business in the prior years to determine how much prior depreciation you took. For example, if you drove 10,000 business miles in 2020, your depreciation for 2020 is $2,700.
The proceeds from the sale is only 85% of the total since it was used 85% for business. The same with the sales expenses. You will enter the total cost. TurboTax will take 85% of your total cost, subtract the prior years' and current year's depreciation to determine the cost basis. Your proceeds reported on 85% of the sale minus the cost basis will determine your gain or loss.
