I am trying to make sure I have the appropriate info filled out in my forms. On my Form 3885A (Alternative Minimum Tax Depreciation Report) I have my car and it includes the date in service, which was September of 2017, but there is no price mentioned in the "Cost."
Is that a mistake? Should I put the original amount that I paid for the car when buying in 2017? Then figure out the depreciation from there? I think I must have done something wrong last year, but if I can get more deductions from the use of my car I would like to be sure to do this correctly.
Thanks for any help.
The cost is indeed what you paid for it in 2017 but it would have been depreciated over the 5 years following that until 2022. So by now it would be fully depreciated and - if it is 100% business use - it would be worth zero dollars. If it is partial business use then the business use portion would be worth zero dollars.
You can still take mileage for a deduction, of course. But depreciation has run out on that one.