How much depreciation have you taken on your Porsche 911?

[Porsche993]

Hello there, I believe that I used the standard mileage rate for my car in 2021.  But I still don't know how to figure out the prior year depreciation and the prior AMT depreciation values.  Can someone explain where exactly I can find this data and with an example?   

Thanks,

Ken 

[KrisD15]

Yes, 

when you claim Standard Mileage, part of that allowance is allocated to depreciation. 

To figure it, you have to get the miles you claimed each year and multiply the miles by the depreciation equivalent of that year. 

The "Depreciation Equivalent" is not the same each year.

2022 Depreciation is .26 per mile

2021 Depreciation is .26 per mile

2020 Depreciation is .27 per mile

2019 Depreciation is .26 per mile

2018 Depreciation is .25 per mile

2017 Depreciation is .25 per mile

2016 Depreciation is .24 per mile

2015 Depreciation is .24 per mile

Then add the amounts for each year together. 

So if you only used it for 2021, and drove 1567 business miles, you took 407.42 in Depreciation 

(1567 x .26)

If you used Standard Mileage, you would not have had AMT depreciation 

Hopefully you kept a log for the vehicle showing the miles driven for business each year. 

"Depreciation Recapture" becomes a factor if the vehicle is sold, converted to personal use, or falls below 50% Business usage. 

[Porsche993]

Hello Kris and thank you.  I have most of the miles documented in excel files.  I guess they weren't transferred to any of the tax forms.  If not, I'll just leave those fields blank.

Thanks again,

Ken