Not sure I understand the previous answers. But my situation is, I purchased a vehicle for my wife's business in 2015. Every year since then I have taken the standard mileage deduction but no depreciation. I recently traded in that vehicle for a new one. How do I determine the cost basis for the vehicle I traded in? Business use of her vehicles is roughly 50/50 business and personal. Should I depreciate the new vehicle? any help would be greatly appreciated.
