you may have a gain or loss on the sale of the vehicle. it really consists of two portions a business portion and a personal portion.
to compute the business portion take your business miles divide by your total miles and multiply by the cost of the vehicle. the personal portion is the total cost less the business portion
for each year 2012 through 2019 multiply the business mileage by the rate supplied. add up the amount for each year. this is the business depreciation the IRS says you took. subtract this from the business portion of the vehicle. if the result is negative the IRS says use $0. this is the remaining business basis, if any of the vehicle.
now multiply the sales proceeds by the business miles divided by your total miles. this is the portion of the proceeds allocable to the business portion. from this subtract your remaining business basis. this is your business gain or loss. if a gain, compare this to the business depreciation. if more, the excess is capital gain and the amount equal to the business depreciation taken is ordinary income - depreciation recapture. if a gain but less, it is all ordinary income - depreciation recapture. if a loss, this is an ordinary loss.
now from the total sales proceeds subtract the business portion
from the cost of the vehicle subtract the business portion
compare the personal portion of the proceeds to the personal portion of the vehicle. if a gain it is a capital gain. if a loss it is not deductible. in reality you should not end up with a personal gain
can TT handle this - don't know.
