Your cost basis is your purchase price minus depreciation you have taken on the vehicle. You received $20,000 on the trade-in but it is not clear at this point whether you have a gain or loss on the Chevy. If there is a loss, your loss is limited to the business use percentage. If you had the Chevy entered into TurboTax as a vehicle for past years, you will already have put in the purchase price. TurboTax will deduct the depreciation and figure the loss or gain. If you don't have the vehicle in TurboTax you must enter it in before you can dispose of it.
Regarding the basis for AMT, do you know if you used the same method of calculating depreciation for regular tax and AMT? If yes, then your basis will be the same for AMT purposes. However, if not, then your basis for AMT purposes will be different because depreciation is greater in the earlier years for an asset under the regular tax rules than it is under the depreciation rules for AMT. Whatever that difference is, it gets added back to the AMT basis.
@chadb19
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