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Re: Keeping of Records - cars
Posted by Carolyn Bodley of CO on 4/28/21 7:58pm Msg #631761
Are you talking about adjusted tax basis? I have gotten so much depreciation on my vehicle every year. Each year Iím asked, either by CPA or tax program when the vehicle was put in service. Depending how I first claimed vehicle deductions ó actualódocumenting every receipt (gas, maintenance charges, tires, car washes, etc.) or let IRS count depreciation based on year of vehicle. Iíve never accounted for every actual receipt and instead allow IRS to calculate a yearly depreciation/deduction amount. The adjusted tax basis comes into the picture if you sell the vehicle for a money gain over what youíve claimed as depreciation credits over the years. That sounds like what you are talking about and not necessarily your claimed business mileage; unless you have claimed actual vehicle expenses (maintenance, gas, etc.) over the past 10 years and sold it as a gain (over and above actual depreciation) causing you to owe money. That is why many people/businesses donate vehicles and take a credit on their income taxes.
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Messages in this Thread
 Keeping of Records - Bravo on 4/28/21 3:37pm
 Re: Keeping of Records...me too! Since 2006! - Linda_H/FL on 4/28/21 4:05pm
 Re: Keeping of Records - cars - VT_Syrup on 4/28/21 4:23pm
 Re: Keeping of Records - cars -  JanetK_CA on 4/28/21 6:03pm
 Re: Keeping of Records - cars - Carolyn Bodley on 4/28/21 7:58pm
 Re: Keeping of Records - cars - VT_Syrup on 4/29/21 7:01am
 Re: Keeping of Records - cars - Carolyn Bodley on 4/29/21 8:31am
 since 2001... and, yep, we're goofy - Lee/AR on 4/28/21 4:33pm
 Re: since 2001... and, yep, we - Carolyn Bodley on 4/28/21 5:40pm
 Purged in 2015 after a tax audit -  Cheryl Elliott on 4/28/21 5:41pm
 Re: Keeping of Records -  JanetK_CA on 4/28/21 6:04pm
 Can u please clarify what is meant by "work order"? n/m - NVLSlady/VA on 4/28/21 9:43pm
 Re: Can u please clarify what is meant by "work order"? - Carolyn Bodley on 4/28/21 10:23pm
 Re: Can u please clarify what is meant by "work order"? - Bravo on 4/30/21 4:41pm
 Re: Can u please clarify what is meant by "work order"? - Carolyn Bodley on 4/30/21 5:30pm
 Re: Can u please clarify what is meant by "work order"? - NVLSlady/VA on 4/30/21 10:35pm
 Re: I do once Iíve been paid n/m - Carolyn Bodley on 5/1/21 7:39am
 Re: Keeping of Records - ananotary on 4/28/21 11:25pm
 Re: Keeping of Records - Noolypen on 4/29/21 10:42am
 Re: Keeping of Records - NVLSlady/VA on 4/29/21 1:34pm
 I kept all my orders but got rid of a lot last year. There -  MW/VA on 4/29/21 11:19am
 Buy a good scanner n/m - Clem/CA on 4/30/21 9:19am



 
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