@seanrosebrugh wrote:Depreciation :
- Taken in 2023 $5,730
- Calc’d per mileage $723
I have some questions.
First, if you took Actual Expenses (claiming depreciation) in 2023, you can not use the Standard Mileage Rate. You must continue to use the Actual Expenses.
Second, you bought the vehicle for $55,880 and sold it for only $27,600? After only a year or two, with only 7113 miles on it? Was it damaged or something that caused such a drastic loss for such a low-mile vehicle? If insurance paid you for an accident, that may affect your Basis (and therefore your gain or loss).
