We have a 2017 Ford F-250 with an 8" lift. It was placed into service for business use in August of 2021. Last year we used mileage for the business deduction, but this year with repair expenses I want to try using actual expenses. Turbotax wants to know the FMV of the truck as of August 2021, and with the lift I know that adds more value, but at this point I don't know what FMV was last year. Short of guessing, is there an alternative way to value the truck? I know last year used cars were selling at premium prices (and still are) so I would think FMV on the truck is higher that it's depreciated value.
