Compute the depreciation equivalent for 2020 and 2021 by using the amounts and directions outlined under Learn more at the screen Calculate depreciation equivalent.
For instance, for 2020, use $.27 X 1,000 business miles equals $270. For 2021, use $.26 X 1,000 business miles equals $260. Enter $270 plus $260 equals $530 in both boxes.
Learn more states: "Use these amounts for both your regular tax depreciation and your AMT depreciation. However, the total amount you enter cannot exceed the depreciable basis of the vehicle."
If you used the actual expense method in any year, use the depreciation computed for that year instead of the computations above.
You stated "then whatever the gain/loss basis gets that number twice?"
Prior depreciation and AMT Prior depreciation are different computations of depreciation, the first under the regular tax method, the second under the Alternate Minimum Tax (AMT) method.
The AMT is an "alternative" tax which TurboTax calculates behind-the-scenes, along with your regular federal tax. If the alternate method results in a higher tax than the regular method, you may pay the difference on top of your regular tax. See here.
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