@ryshermsinc wrote:
I don't know how to answer your question of "how much depreciation was taken on the vehicle" - I believe we took the standard deduction and/or "straight line" or the most common filing method on TurboTax each year.
Wouldn't that be a $9.5k loss?
You need to find out the depreciation because that is part of the calculation of a gain or loss. The amount of depreciation that you were able to take essentially lowers your 'cost', which has a large impact on if it was sold at a gain or loss.
If you used the Standard Mileage Rate, the link below (if the link doesn't bring you directly to it, find the subheading "Depreciation adjustment when you used the standard mileage rate") shows the amount of depreciation per mile (and it is 30 cents per mile for 2024). But if you used Actual Expenses, you need to look at the "Depreciation and Amortization Worksheet" in TurboTax to see how much depreciation and/or Section 179 you took on the vehicle (both previous years plus current year).
https://www.irs.gov/publications/p463#en_US_2023_publink100034059
To further complicate things, because your vehicle was not 100% business use, TurboTax is NOT set up to report that and you need to do MANUALLY calculations to MANUALLY enter the gain or loss.
Because it is complicated, you might consider going to a tax professional this year.
