I disagree some parts of what Amy said. And the math is more complicated.
It made sense to me, but glad to share if you think I can get a higher tax refund:
First, you said it was 45% of its lifetime miles. What was the average business percentage during the time you used it for business (from when you "placed it in service" to when it was given to the dealer)?
2017: 87.2% business miles
2018: 85.8% business miles
2019: 86% business miles
2020: 69.3% business miles
I reached 45% by dividing the lifetime miles (from 2012-2020) by the total business miles (2017-2020).
You said the depreciation was $21,777? That is roughly 100,000 business miles. Is that correct?
Correct. Business use was predominantly rideshare (Uber, etc.) and it was my predominant income; and I clocked over 84,000 business miles during those four years.
What was the original cost of the car when you bought it (for our conversation, you can just estimate if you want)?
Approximately $24,000.
