what is vehicle basis

[LindaS5247]

In TurboTax, your vehicle basis is the original cost of your vehicle (your purchase price plus sales tax, title, and registration fees) used to calculate depreciation and potential gains/losses when used for business. It shows your investment in your vehicle. If you used your vehicle for personal reasons, the basis has to be adjusted by your business use percentage.

In TurboTax, you can go to Business Expenses > Vehicle Expenses > Edit to enter or update your information.

See Also:

Business Use of Vehicles

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