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Daycare and Taxes>Sold Car Help
ginacarlisle 04:38 AM 01-26-2020
I sold my truck for 19,000 and bought new can't figure out how to figure the basis for gain or loss
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Michael 11:00 AM 01-26-2020
Some information here that may help: https://www.daycare.com/forum/showthread.php?t=75308
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ginacarlisle 09:09 AM 01-27-2020
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?
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TomCopeland 09:13 AM 01-27-2020
Originally Posted by ginacarlisle:
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.
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284878 10:13 AM 01-27-2020
Originally Posted by TomCopeland:
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.
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TomCopeland 09:16 AM 01-28-2020
Originally Posted by 284878:
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.
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284878 05:10 AM 01-30-2020
Originally Posted by TomCopeland:
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.
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Tags:deduction - car
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