I used my personal vehicle that I bought in 2022 for my 2 rental properties for 2022, 2023, 2024 year - taking standard mileage for each.
On 10/2024 my car totaled and I had to dispose it. I got paid 500 from the junk yard but all the cost to get it from the impound was >500 so overall sales is 0.
- Do I report the disposition under Rental Properties and Royalties on one of the rental property only in schedule E and fill out the Car and Trust Expenses Worksheet for 1 property or do I need to fill that out for both properties? Or do I report it under Business Items - Sales of Business Property section?
-I add up the business use for the 3 years for the 2 properties / total miles use is 74.19%.
basis cost (4800 x business use%) - $3561
Turbo tax flagged to fill out 2 Car & Trust worksheet, one for each properties. Not sure how to report this.
Under Prior depreciation - it said AMT prior depreciation cannot exceed $4800 (cost of the car). I entered $6848 which is the depreciation taken for the 3 years for both properties.
Also need help to fill out the worksheet. It asked for the following:
Gain Loss basis - (business cost % x purchase price) $3561
MACRS convention
Recovery period
Depreciation allowed or allowable
AMT Depreciation allowed or allowable
Prior depreciation
Thank you.
