Business vehicle sold after decade of standard mileage deduction

I assume it's fully taxable. Report somehow on Form 4797? After a decade, it should be fully depreciated.

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Best answer by TaxGuyBill

Don't assume it is fully depreciated - check.

Yes, 4797.

Was the vehicle always 100% business use? Or was there personal use as well (and varied from year to year)?

Was it "placed in service" immediately after it was bought? Or was it converted from personal use?

Level 15

Don't assume it is fully depreciated - check.

Yes, 4797.

Was the vehicle always 100% business use? Or was there personal use as well (and varied from year to year)?

Was it "placed in service" immediately after it was bought? Or was it converted from personal use?

Level 15

CFS Tax Tools has a great worksheet for doing the math on this situation.

As @George4Tacks likes to say "Tax Tools" is the Swiss Army knife for tax preparers.

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