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Problems figuring out the depreciation of an automobile
I am trying to make sure I have the appropriate info filled out in my forms. On my Form 3885A (Alternative Minimum Tax Depreciation Report) I have my car and it includes the date in service, which was September of 2017, but there is no price mentioned in the "Cost."
Is that a mistake? Should I put the original amount that I paid for the car when buying in 2017? Then figure out the depreciation from there? I think I must have done something wrong last year, but if I can get more deductions from the use of my car I would like to be sure to do this correctly.
Thanks for any help.
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‎April 6, 2025
3:49 PM