Taxpayer has an auto used roughly 90 percent in business. He purchases originally for $20k.
He has used since 2017 and the standard mileage rate has always been used.
Vehicle is disposed in 2019 for $5k.
Standard mileage recapture is $8k.
Where is this input on the car and truck worksheet?
Last question...taxpayer used the vehicle different percentages in different years, ranging from 50 to 90 percent.
What is the best approach for the business use percentage? I was thinking I'd add up all of the years personal vs business and use the total percentage.
Yep, add up miles from all of the years to get a long-term business percentage.
Assuming it is still a gain, you should be good to go.
In the event it were to show a loss, then you need to find out if it was business use immediately after purchase, or if it was converted from personal use. If it was converted from personal use (and those original numbers we went through shows a LOSS), then you have some more calculating to do.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
