@Katharine55 wrote:
If the suv's original purchase price of say $35K, then if the total depreciation from all 2005 to 2022 totals more than the $35K, that's what I have to pay tax on?
Also how can I value the car at 0 when I haven't done anything with it yet in 2023. Seems like this shouldn't even be calculated in 2022 until I really do dispose of or donate the suv.
Also, I don't know if I even have my returns back from 2005 to probably 2015 to figure out the mileage used in the early year returns.
No, you don't need to pay tax on the excess depreciation.
You are correct; that is why my comment said to NOT enter a sales price of $0, but to say you converted it to personal use.
You need to find them. You are a business owner and are required to keep track of everything, incluiding depreciation details about the vehicle from many years ago.
