What do I enter for Basis for gain/loss (enter 100% of basis)?What do I enter for Basis for AMT gain/loss (enter 100% of basis)? 2013purchase truck $ 62,000 5/1/2016 Value of the vehicle, Blue book est $ 45,000 4/11/2024traded in for New Truck used for business $ 15,000 2017 - 2023Total mileage rate deduction $ 22,219 2024std mileage rate deduction $ 940 2017-2024Total mileage rate deduction $ 23,159 2016 - 2024Average % used for business52.93%

TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

KSB178

Level 2

Question

AMT dep allowed/ allowable is too large

Forum|Forum|1 year ago
February 19, 2025
1 reply
0 views

What do I enter for Basis for gain/loss (enter 100% of basis)?

What do I enter for Basis for AMT gain/loss (enter 100% of basis)?

2013	purchase truck	$ 62,000
5/1/2016	Value of the vehicle, Blue book est	$ 45,000
4/11/2024	traded in for New Truck used for business	$ 15,000
2017 - 2023	Total mileage rate deduction	$ 22,219
2024	std mileage rate deduction	$ 940
2017-2024	Total mileage rate deduction	$ 23,159
2016 - 2024	Average % used for business	52.93%

Ask the Experts - Deciphering - Feb 2025

ThomasM125

Level 15

Since you used the standard mileage method to report your auto expense deduction, you would have to multiply the business miles each year by the depreciation rate per mile as listed in IRS Publication 463 to arrive at the depreciation allowed per year:

Add up the annual depreciation allowances and subtract that from the cost of your vehicle to arrive at the cost basis. You would also have to multiply the cost by the business use percentage to arrive at the cost of the vehicle for business purposes.

The AMT basis would be the same as the regular basis since you didn't use any special or section 179 depreciation.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"