Daycare.com Forum Kidacare by Minute Menu Force of Nature Disinfectant

Go Back   Daycare.com Forum > Daycare and Taxes

Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

Reply
 
Thread Tools Display Modes
  #1  
Old 01-26-2020, 05:38 AM
ginacarlisle's Avatar
ginacarlisle ginacarlisle is offline
Daycare.com Member
 
Join Date: Feb 2017
Location: Massachusetts
Posts: 12
Default Sold Car Help

I sold my truck for 19,000 and bought new can't figure out how to figure the basis for gain or loss
Reply With Quote
  #2  
Old 01-26-2020, 12:00 PM
Michael's Avatar
Michael Michael is online now
Admin & Owner-Daycare.com
 
Join Date: Aug 2007
Location: Moorpark CA, Ocean Ridge, FL
Posts: 7,366
Default

Some information here that may help: https://www.daycare.com/forum/showthread.php?t=75308
Reply With Quote
  #3  
Old 01-27-2020, 10:09 AM
ginacarlisle's Avatar
ginacarlisle ginacarlisle is offline
Daycare.com Member
 
Join Date: Feb 2017
Location: Massachusetts
Posts: 12
Default

little more info...less than 50% business and past the 5 year depreciation period. Sold outright but did purchase another vehicle. I figured it out by subtracting total depreciation from purchase price and used this figure does this sound right?
Reply With Quote
  #4  
Old 01-27-2020, 10:13 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 2,972
Default sold a car

Quote:
Originally Posted by ginacarlisle View Post
little more info...less than 50% business and past the 5 year depreciation period. Sold outright but did purchase another vehicle. I figured it out by subtracting total depreciation from purchase price and used this figure does this sound right?
Take the original price of the old car and subtract from it all the depreciation you claimed. Then add the purchase price of the new vehicle to this. That's your basis in the new vehicle.
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #5  
Old 01-27-2020, 11:13 AM
284878's Avatar
284878 284878 is online now
Day Care Owner
 
Join Date: Oct 2013
Location: Michigan
Posts: 1,553
Default

Quote:
Originally Posted by TomCopeland View Post
Take the original price of the old car and subtract from it all the depreciation you claimed. Then add the purchase price of the new vehicle to this. That's your basis in the new vehicle.
I just scraped /sold mine last year and turbo tax to that plus to add any major repairs that I did to the car, like a new engine.
Reply With Quote
  #6  
Old 01-28-2020, 10:16 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 2,972
Default car expenses

Quote:
Originally Posted by 284878 View Post
I just scraped /sold mine last year and turbo tax to that plus to add any major repairs that I did to the car, like a new engine.
I don't understand what you are saying. If you used the standard mileage rate on your old car and sold it, and plan to use the standard mileage rate on the new car, then you don't have to deal with the repairs or sale or scraping it.
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #7  
Old 01-30-2020, 06:10 AM
284878's Avatar
284878 284878 is online now
Day Care Owner
 
Join Date: Oct 2013
Location: Michigan
Posts: 1,553
Default

Quote:
Originally Posted by TomCopeland View Post
I don't understand what you are saying. If you used the standard mileage rate on your old car and sold it, and plan to use the standard mileage rate on the new car, then you don't have to deal with the repairs or sale or scraping it.
Ok turbo tax is not saying that any more after update. So nevermind.
Reply With Quote
Reply

Tags
deduction - car

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Venting Thread Michael Daycare Center and Family Home Forum 5606 Today 10:02 AM
Sold Home in 2013 - Tom please help! proudarmywifewith4 Daycare and Taxes 1 01-23-2014 09:23 AM


All times are GMT -7. The time now is 01:56 PM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming