1271722
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do i need to recapture depreciation for a car that i took standard mileage deduction in the past when driving for uber but am no longer using the car for uber?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies
GiseleD
Expert Alumni

Do i need to recapture depreciation for a car that i took standard mileage deduction in the past when driving for uber but am no longer using the car for uber?

If you always took the standard mileage deduction, then there was no depreciation deducted. Therefore, there is no depreciation to recapture. The standard mileage deduction simplifies recordkeeping. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
tashayoda
New Member

Do i need to recapture depreciation for a car that i took standard mileage deduction in the past when driving for uber but am no longer using the car for uber?

Even if I deducted the allowable auto loan interest?

VictoriaD75
Expert Alumni

Do i need to recapture depreciation for a car that i took standard mileage deduction in the past when driving for uber but am no longer using the car for uber?

Yes. Auto loan interest is a separate deduction from vehicle depreciation. You can't depreciate if you use the standard mileage rate, therefore, there is no deprecation to recapture.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
jlanam
New Member

Do i need to recapture depreciation for a car that i took standard mileage deduction in the past when driving for uber but am no longer using the car for uber?

TurboTax is telling me, in the Calculate Depreciation Equivalent part, to "Enter the depreciation equivalent of your standard mileage deduction for the years before 2021 (we'll compute the 2021 amount for you.) When I click Learn More, it says, "To determine the amount to enter for depreciation, multiply your business mileage for each year that you used the standard mileage rate by the amounts below." And it gives me a table to use to calculate that depreciation.

 

Isn't this saying that part of the standard mileage deduction was depreciation? 

LeonardS
Expert Alumni

Do i need to recapture depreciation for a car that i took standard mileage deduction in the past when driving for uber but am no longer using the car for uber?

A portion of the standard mileage rate includes depreciation.  To determine the amount of depreciation to enter you multiply the mileage for the year by the depreciation amount for the year.  You will do this for each year and add the total as the Depreciation equivalent.

 

For example,  if you had 1,000 miles in 2020 your depreciation would be $260.  (.26 x 1000 = 260)

Ref: IRS Pub 463 https://Disposition of a Car

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question