gain or loss for a sold car

[CB7375]

My husband had used our 2007 Chrysler Sebring for his self business since 2015. He only ever took the standard mileage deductions. It appears that the percentage of use for this car for business was 22.89%. He sold it in Sept 2023 for $800. I have no idea how to calculate the basis gain or loss. The help box says "

When you dispose of a vehicle you must figure out your basis for your gain or loss.

To do this, take your original purchase price add to it any major improvements you've made to the car (like a new engine) and subtract any depreciation that was allowed or allowable (look at your past tax returns for this)." But I have no idea where to find the depreciation that was allowable.

[DavidD66]

There is a portion of the standard mileage rate that is for depreciation.  For example, In 2023, depreciation is 28 cents of the standard mileage rate of 65.5 cents per mile. For 2024, the depreciation amount is 30 cents of the standard mileage rate of 67 cents per mile.  Just as the standard mileage rate fluctuates each year (and sometimes during the year) so to does the depreciation component.   

According to IRS Notice Notice 2024-08  "...for automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 27 cents per mile for 2020, 26 cents per mile for 2021, 26 cents per mile for 2022, 28 cents per mile for 2023."  

The depreciation rate for prior years is published annually  by the IRS.