Question
Business Use Depreciation is Larger than Difference between Purchase and Sale Price
I sold a vehicle used in rideshare and the accumulated standard depreciation is more than the difference between purchase and the sale price. Bought for $21,900 in 2018 , sold for $3,400 in 2022. Accumulated mileage based depreciation is $46,000 over 5 years from 2018 till 2022. % business use varied each year from 70% to 90% except for 2022, which was 27% till it was sold in mid-January. How do I account for the fact that claimed depreciation is greater than actual depreciation.
