https://ttlc.intuit.com/community/taxes/discussion/vehicle-calculating-vehicle-cost-when-selling-and-or-trading-in-vehicle-used-for-both-personal-and/01/3392975#M1248561 <P>Vehicle Total Cost:</P><P>TT asks for Vehicle Total Cost when vehicle has been sold or traded in.&nbsp;&nbsp;</P><P>Specifics:</P><P>Vehicle placed into service years ago - used for both personal and business purposes.</P><P>In 2023, vehicle was traded in for new vehicle.&nbsp; TT Premier wants to know the Vehicle Total Cost.&nbsp;</P><P>Presumed calculation:</P><P>Original purchase price:&nbsp; &nbsp; &nbsp; &nbsp;$X</P><P>Multiply by business use percentage from most recent year - in this case, that would be 31.2%.</P><P>Original purchase price X Business use percentage = Vehicle Total Cost?</P><P>Is that correct?&nbsp; &nbsp;</P><P>Depreciation was not taken on the vehicle in prior years - only the Standard Mileage Rate.</P><P>The vehicle was immediately placed into service in the year of purchase (2015) at an average business</P><P>use rate of 31.2% per year through 2023.&nbsp; &nbsp;Again, in 2023, the vehicle was trade in and a new vehicle was purchased in 2023.&nbsp;</P><P>Do we use the original purchase price (as noted above), multiply by most recent business use percentage to arrive at the "Vehicle Total Cost"??</P><P>(Note:&nbsp; Vehicle Total Cost would not be the Original purchase price by itself - i.e., without multiplying by business use percentage - would it?)</P><P>From TT Premier:</P><P>Vehicle Cost</P><P>"The cost or basis of your vehicle depends on when you started using it for business and how you acquired it.</P><P>If you bought your vehicle and immediately started using it in your business, your cost is your purchase price, including taxes."&nbsp; &nbsp;To reiterate, is that the full purchase price when the old vehicle was originally purchased?</P><P>Or the purchase price adjusted by business use percentage?</P><P>Thx in advance for your comments and replies.&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P> Wed, 11 Feb 2026 10:50:52 GMT MaxRLC 2026-02-11T10:50:52Z https://ttlc.intuit.com/community/taxes/discussion/vehicle-calculating-vehicle-cost-when-selling-and-or-trading-in-vehicle-used-for-both-personal-and/01/3392975#M1248561 <P>Vehicle Total Cost:</P><P>TT asks for Vehicle Total Cost when vehicle has been sold or traded in.&nbsp;&nbsp;</P><P>Specifics:</P><P>Vehicle placed into service years ago - used for both personal and business purposes.</P><P>In 2023, vehicle was traded in for new vehicle.&nbsp; TT Premier wants to know the Vehicle Total Cost.&nbsp;</P><P>Presumed calculation:</P><P>Original purchase price:&nbsp; &nbsp; &nbsp; &nbsp;$X</P><P>Multiply by business use percentage from most recent year - in this case, that would be 31.2%.</P><P>Original purchase price X Business use percentage = Vehicle Total Cost?</P><P>Is that correct?&nbsp; &nbsp;</P><P>Depreciation was not taken on the vehicle in prior years - only the Standard Mileage Rate.</P><P>The vehicle was immediately placed into service in the year of purchase (2015) at an average business</P><P>use rate of 31.2% per year through 2023.&nbsp; &nbsp;Again, in 2023, the vehicle was trade in and a new vehicle was purchased in 2023.&nbsp;</P><P>Do we use the original purchase price (as noted above), multiply by most recent business use percentage to arrive at the "Vehicle Total Cost"??</P><P>(Note:&nbsp; Vehicle Total Cost would not be the Original purchase price by itself - i.e., without multiplying by business use percentage - would it?)</P><P>From TT Premier:</P><P>Vehicle Cost</P><P>"The cost or basis of your vehicle depends on when you started using it for business and how you acquired it.</P><P>If you bought your vehicle and immediately started using it in your business, your cost is your purchase price, including taxes."&nbsp; &nbsp;To reiterate, is that the full purchase price when the old vehicle was originally purchased?</P><P>Or the purchase price adjusted by business use percentage?</P><P>Thx in advance for your comments and replies.&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P> Wed, 11 Feb 2026 10:50:52 GMT https://ttlc.intuit.com/community/taxes/discussion/vehicle-calculating-vehicle-cost-when-selling-and-or-trading-in-vehicle-used-for-both-personal-and/01/3392975#M1248561 MaxRLC 2026-02-11T10:50:52Z https://ttlc.intuit.com/community/taxes/discussion/re-vehicle-calculating-vehicle-cost-when-selling-and-or-trading-in-vehicle-used-for-both-personal/01/3392988#M1248566 Sat, 21 Dec 2024 18:13:53 GMT https://ttlc.intuit.com/community/taxes/discussion/re-vehicle-calculating-vehicle-cost-when-selling-and-or-trading-in-vehicle-used-for-both-personal/01/3392988#M1248566 Anonymous_ 2024-12-21T18:13:53Z https://ttlc.intuit.com/community/taxes/discussion/re-vehicle-calculating-vehicle-cost-when-selling-and-or-trading-in-vehicle-used-for-both-personal/01/3392993#M1248569 <P>Ok - Thx</P><P>&nbsp;</P> Sun, 06 Oct 2024 03:52:50 GMT https://ttlc.intuit.com/community/taxes/discussion/re-vehicle-calculating-vehicle-cost-when-selling-and-or-trading-in-vehicle-used-for-both-personal/01/3392993#M1248569 MaxRLC 2024-10-06T03:52:50Z