vmarshall
Returning Member

Vehicle Basis Calculation After Taking Standard Mileage Rate

Vehicle was used for 2 partial years (previous and current) then sold mid-year.  Standard mileage rate was taken both years.  To determine the basis, Turbo Tax asks me purchase price/FMV and prior year depreciation.  I calculated the previous year's depreciation by multiplying the miles * the depreciation portion of the standard  mileage rate.  Then Turbo Tax calculates the current year depreciation but it's not doing the standard mileage rate calculation - it's using MACRS.  I can't figure out how to make it use the standard mileage depreciation calculation.  All suggestions appreciated.