TT is calculating it differently than that for me.
2016 Honda was used by an UBER driver in which they used the standard mileage 2016 - 2022. Car's cost was 45,000. Depreciation using the cents in the Pub 463 table on page 24 through 2021 is $56,525. Clearly the basis is zero. Car was sold in August, 2022 for $12,000 and Business % is 79.59%. TT is showing a capital gain of $9,550.80 on Line 7 of the 1040 AND $35449.20 as Ordinary Income calculated in Part III of Form 4797. This depreciation has already been applied against income. Is this correct or what am I doing wrong?
Thanks so much!
