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Re: Keeping of Records - cars
Posted by VT_Syrup of VT on 4/29/21 7:01am Msg #631765
I let TurboTax take care of the nitty-gritty details. I took the so-many-cents-per mile on all my tax returns. But the idea is that a publication from the IRS, which TurboTax summarized, gives the cents per gallon that are considered depreciation in each year. For example, in 2020, the standard business mileage rate was 57.5/mile, and of that, 27/mile was for depreciation.

The program figured out my total depreciation (purchase price - trade-in price), and compared the total miles to the business miles to figure out how much was business depreciation. Then it compared it to the total depreciation I hand indirectly claimed through the standard mileage deduction. It turned out I had claimed more depreciation than I actually experienced, so had to count the difference as a gain on the sale of a business asset.

I suspect this happened for two reasons: old vehicles don't depreciate much per year, but the IRS gives you the same rate regardless of whether you're car is new or old. Also, I got $3500 for my vehicle when I traded it, which isn't bad for a 10-year-old vehicle with about 120,000 miles on it.
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Messages in this Thread
 Keeping of Records - Bravo on 4/28/21 3:37pm
 Re: Keeping of 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 Ive 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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