The truck should not have been claimed if the miles were for commuting. The fact that you trying to dispose of it would imply business use and you would have recorded each year the total number of miles driven and the business miles portion for a different amount of business use each year. If you do not have a business and have not been reporting the truck, there is nothing to do with the sale of the truck except enjoy the new one.
If you have been using the truck for business, the basis is a dollar amount. The basis equals the amount you paid minus the depreciation you have taken or were allowed to take. This amount varies depending on actual expenses or standard deduction each year.
- If you used actual expenses, locate the depreciation taken each year and add it up.
- If you used standard deduction, part of each mile was depreciation. You will have to locate the mileage for each year and multiply it by the depreciation amount for that year. Then add all the years together and subtract it from the basis. he annual depreciation amount per year included in the Standard Mileage per IRS Publication 463 (Page 23) Car Expenses
- 2012 - $0.23
- 2013 - $0.23
- 2014 - $0.24
- 2015 - $0.22
- 2016 - $0.24
- 2017 - $0.25
- 2018 - $0.25
- 2019 - $0.26
- 2020 - $0.27
- 2021 - $0.26
- 2022 - $0.26
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