Vehicle Gain Loss Basis??

[chadb19]

Im a Realtor, and this is my first time filing business taxes and the Gain Loos basis screen has me totally confused! I traded my 2015 Chevy for a new 2023 Nissan in Oct of 2022. They gave me 20K on the trade-in towards the 52K nissan. I used my Chevy and now new Nissan for about 66% for business with an original purchase price for the Chevy of 36K back in 2015. Can someone tell me what in the world I enter for "Basis for gain/ loss" and "Basis for AMT gain/loss" fields. I am using the standard deduction method. This is so confusing! 

[GeorgeM777]

Your cost basis is your purchase price minus depreciation you have taken on the vehicle.  You received $20,000 on the trade-in but it is not clear at this point whether you have a gain or loss on the Chevy.  If there is a loss, your loss is limited to the business use percentage. If you had the Chevy entered into TurboTax as a vehicle for past years, you will already have put in the purchase price.  TurboTax will deduct the depreciation and figure the loss or gain. If you don't have the vehicle in TurboTax you must enter it in before you can dispose of it.  

Regarding the basis for AMT, do you know if you used the same method of calculating depreciation for regular tax and AMT?  If yes, then your basis will be the same for AMT purposes.  However, if not, then your basis for AMT purposes will be different because depreciation is greater in the earlier years for an asset under the regular tax rules than it is under the depreciation rules for AMT.   Whatever that difference is, it gets added back to the AMT basis.  

@chadb19

[AmeliesUncle]

Unfortunately, TurboTax does not handle the sale of assets that have varied in business percentage, in several ways.  You either need to manually calculate everything or go to a tax professional.

[Jrbullard28]

How do you calculate the AMT basis? What’s the formula I use for it? 

[AmyC]

Subtract the AMT deduction for depreciation from the regular tax deduction and enter the result. If the AMT deduction is more than the regular tax deduction, enter the difference as a negative amount. Your depreciation worksheets will show regular depreciation and AMT depreciation each year. If you were not subject to AMT, the depreciation would be the same for that year. 

References:

Alternative Minimum Tax: Common Questions - TurboTax - Intuit

Instructions for Form 6251 (2023) | Internal Revenue Service