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Re: I
Posted by Calnotary of CA on 5/11/21 12:00pm Msg #631988
No when you take mileage deduction part of the cents per mile deduction is depreciation that needs to be recapture once the asset is sold.
I read something on a tax website:

"If the asset or property is being sold as a loss, 1245 depreciation recapture rules are not applicable and it is treated as ordinary loss that can be used to offset ordinary income"
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Messages in this Thread
 Mileage deduction and when is time to... - Calnotary on 5/10/21 9:07pm
 Re: Mileage deduction and when is time to... - VT_Syrup on 5/11/21 5:58am
 Thank you Mr. Ashton I will look in to that publication n/m - Calnotary on 5/11/21 12:01pm
 I'm confused. We either take the mileage deduction or -  MW/VA on 5/11/21 9:44am
 Re: I - Calnotary on 5/11/21 12:00pm
 Re: Mileage deduction and when is time to... - Calnotary on 5/11/21 12:29pm
 Re: Mileage deduction and when is time to... - Luckydog on 5/11/21 4:30pm
 Re: Mileage deduction and when is time to... - Carolyn Bodley on 5/11/21 6:17pm
 Re: Mileage deduction and when is time to... -  JanetK_CA on 5/11/21 8:14pm
 Re: Mileage deduction and when is time to... - Carolyn Bodley on 5/12/21 7:42am



 
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