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On form 2106-vehicle expense worksheet-lines47

I own the vehicle and have used it the same way with the same mileage for a 10 years. I traded it in at the end of the year for a new car. The cost new was $24700 with total depreciation of $11312 and the adjusted basis in the car is$13388. I have no idea where the $5250 figure came from or how to correct it.
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2 Replies
DaveF1006
Employee Tax Expert

On form 2106-vehicle expense worksheet-lines47

First of all, you are filling out 2106.  Are you an employee of a company or are you self-employed?  If you are an employee, there are no more employee business expense deductions on the federal return unless you are filling this out for a state that still allows these deductions. Let's get this out of the way first and then we can address the other questions.

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On form 2106-vehicle expense worksheet-lines47

Yikes! Thanks. I had no idea the employee deduction had been done away with.Now I can delete that form and file my taxes. Thanks Dave F

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