topic Door dash Aug / dec 2021. dep 2017 car form 4562 est. value $ 20,000 biz use 87% Line 2 $ 17,178 line 22 $ 8671 trade jan 2022 for $ 15, 500 How much tax 2022 ? in Deductions & credits

Door dash Aug / dec 2021. dep 2017 car form 4562 est. value $ 20,000 biz use 87% Line 2 $ 17,178 line 22 $ 8671 trade jan 2022 for $ 15, 500 How much tax 2022 ?

20jojo21 — Tue, 10 Mar 2026 06:43:14 GMT

How much will i owe ?
What line on 1040 ?
How do i calculate what i owe ?

Re: Door dash Aug / dec 2021. dep 2017 carform 4562 est. value $ 20,000biz use 87% Line 2 $ 17,178 line 22 $ 8671trade jan 2022 for $ 15, 500How much tax 2022 ?

Bsch4477 — Tue, 22 Nov 2022 20:39:16 GMT

Depreciating your car can be complicated and if your job is not long term you will be faced with recapture issues when you stop. Much easier to claim standard mileage. You will be completing Sch C and TurboTax will then put your amounts on the correct lines of the 1040.

Re: Door dash Aug / dec 2021. dep 2017 carform 4562 est. value $ 20,000biz use 87% Line 2 $ 17,178 line 22 $ 8671trade jan 2022 for $ 15, 500How much tax 2022 ?

20jojo21 — Tue, 22 Nov 2022 21:39:35 GMT

I used Turbo Tax for the first time last year. Always had an accountant do my returns. The car I. used for dash used as a trade the first week on jan 2022. The deductions worked out better with actual cost vs. mileage.

I will be using mileage for 2022 return. Now I am trying to estimate my taxes. The question I have is how much will I owe on the depreciated car i traded in . I was hoping someone here could guide me in the right direction or give me a ball park answer as to how much.

Re: Door dash Aug / dec 2021. dep 2017 carform 4562 est. value $ 20,000biz use 87% Line 2 $ 17,178 line 22 $ 8671trade jan 2022 for $ 15, 500How much tax 2022 ?

Critter-3 — Fri, 25 Nov 2022 12:24:16 GMT

Since you used the actual expenses option in 2021 you MUST use the actual expenses on the 2022 return including taking depreciation for the time it was a business use asset.

Re: Door dash Aug / dec 2021. dep 2017 carform 4562 est. value $ 20,000biz use 87% Line 2 $ 17,178 line 22 $ 8671trade jan 2022 for $ 15, 500How much tax 2022 ?

20jojo21 — Fri, 25 Nov 2022 14:23:59 GMT

Thank you for replying. I am trying to get a ball park on what I will owe & how it is calculated.

Is it the trade value I received Jan 7th, 2022. $ 15,500 - $ 8671 depreciation write off 2021 ?

Also the new car put in service Jan 7th 2022. Can I now use actual mileage for this year ?

Thank you for your help.

Re: Door dash Aug / dec 2021. dep 2017 carform 4562 est. value $ 20,000biz use 87% Line 2 $ 17,178 line 22 $ 8671trade jan 2022 for $ 15, 500How much tax 2022 ?

Critter-3 — Fri, 25 Nov 2022 14:41:08 GMT

For the new vehicle you can choose the standard mileage rate OR the actual expenses + depreciation. If you choose the standard in the first year you can "flip flop" between the options in future years. But if you start with the actual expenses option you must use it for every tax year until you sell it.