Sold Car Help

[ginacarlisle]

I sold my truck for 19,000 and bought new can't figure out how to figure the basis for gain or loss

[Michael]

Some information here that may help: https://www.daycare.com/forum/showthread.php?t=75308

[ginacarlisle]

little more info...less than 50% business and past the 5 year depreciation period. Sold outright but did purchase another vehicle. I figured it out by subtracting total depreciation from purchase price and used this figure does this sound right?

[TomCopeland]

sold a car

little more info...less than 50% business and past the 5 year depreciation period. Sold outright but did purchase another vehicle. I figured it out by subtracting total depreciation from purchase price and used this figure does this sound right?

Take the original price of the old car and subtract from it all the depreciation you claimed. Then add the purchase price of the new vehicle to this. That's your basis in the new vehicle.

[Alwaysgreener]

Take the original price of the old car and subtract from it all the depreciation you claimed. Then add the purchase price of the new vehicle to this. That's your basis in the new vehicle.

I just scraped /sold mine last year and turbo tax to that plus to add any major repairs that I did to the car, like a new engine.

[TomCopeland]

car expenses

I just scraped /sold mine last year and turbo tax to that plus to add any major repairs that I did to the car, like a new engine.

I don't understand what you are saying. If you used the standard mileage rate on your old car and sold it, and plan to use the standard mileage rate on the new car, then you don't have to deal with the repairs or sale or scraping it.

[Alwaysgreener]

I don't understand what you are saying. If you used the standard mileage rate on your old car and sold it, and plan to use the standard mileage rate on the new car, then you don't have to deal with the repairs or sale or scraping it.

Ok turbo tax is not saying that any more after update. So nevermind.