topic A 2008 scion work car with 300,000 miles in Jan 2019 and was used for 10k miles before needing MAJOR more than value of the car so the car was given away ho to report? in Deductions & credits

A 2008 scion work car with 300,000 miles in Jan 2019 and was used for 10k miles before needing MAJOR more than value of the car so the car was given away ho to report?

alargent2010 — Wed, 15 Jan 2020 14:35:55 GMT

Re: A 2008 scion work car with 300,000 miles in Jan 2019 and was used for 10k miles before needin...

ReginaM — Wed, 15 Jan 2020 21:00:46 GMT

You've indicated that this vehicle was used for business. If this is the case, your business is either a sole-proprietor, partnership, or single-member LLC. As such, the information I've provided pertains to that business structure.

In general, charitable contributions are not allowed as a business expense on the Schedule C. However, if you made a payment to a charitable organization that was not for charity nor a gift, you may deduct the payment as an expense to the business.

If your business received any benefit for the donation (ad space or marketing, for example) you may deduct the payment as an expense. Otherwise, your charitable gift/donation is not deductible under your business, but may be deducted on the Schedule A if you itemize your deductions for your personal tax return.

You may want to review the Publication 535 for clarification on this rule. There are examples that may help you determine if you can deduct the payments or not.

Should you have any further questions in regards to your concern, please respond to this thread.

I retired my old biz car (no value) how do I report this?

jan1666 — Wed, 07 Oct 2020 21:58:49 GMT

I gave my old biz car to a nephew mid year 2019. It was not a charitable deduction. Basically I just got rid of it. It had zero value. I am getting an error saying the depreciation calculation for it is too high. I don't know where this high depreciation figure is generating from within Turbo tax 2019 (home and Biz). Please tell me how I can fix this.