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Shawn P Adamo
Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Finance
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Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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I bought bmx x5 in 2004 65000. Used

Customer Question

I bought bmx x5 in 2004 for about 65000. Used for business about 85% of mileage each year. BMW got totaled in Feb7/2015. I got paid by inurance company 11528. I am using turbotax to file returns. Where it asks Vehicle total cost I filled in 64,500 which was what I paid in 2004.
I cut and paste Turbotax sections and I am unable to figure out the last section "Calculate Depreciation Equivalent" do I do that??? please see below
Sales Price
bmw x5
Because you stopped using this vehicle for this business in 2015, we need to know the business portion of the sales price you received for this vehicle and any expenses of sale, such as advertising or commissions.Normally that would be whatever someone paid you for it - times this vehicle's business use percentage (89.33%). But if you traded it for non-business property, or just stopped using it for business, select how to determine the sales price.
Sales Price (Business Portion Only) Learn More : 10297 (89.33 % of $11528)
Expense of Sale (Business Portion Only) Learn More
Vehicle Cost
bmw x5
Since you didn't claim depreciation for this vehicle, we'll also need the vehicle's total cost. The cost would normally be the purchase price. Learn MoreIf you do not immediately use the vehicle for business, the cost will generally be the fair market value of the vehicle at the time when you placed it in service.
Vehicle Total Cost $ 64,500Gain or Loss Basis
bmw x5
If you acquired this vehicle by trading in listed property that was used less than 100% for business, your basis for computing the gain or loss on this sale may be different from the basis you used to compute depreciation for this vehicle.If this applies to you, select trade-in for details on computing these amounts. Otherwise, leave these fields blank.
Basis for gain/loss (enter 100% of basis) Did not trade -in so left in blank
Basis for AMT gain/loss (enter 100% of basis)Calculate Depreciation Equivalent
bmw x5
Enter the depreciation equivalent of your standard mileage deduction for the years before 2015 (we'll compute the 2015 amount for you.) Learn More
Note: Do not enter an amount greater than the cost of your vehicle.
Prior Depreciation Equivalent
AMT Prior Depreciation Equivalen
Submitted: 6 months ago.
Category: Finance
Expert:  Shawn P Adamo replied 6 months ago.
I can walk you through it via phone call.
Customer: replied 6 months ago.
I am unable to do the phn call ... I am currently overseas. Can you please help online?
Expert:  Shawn P Adamo replied 6 months ago.
Sorry. Not for that price. I'll opt out.
Expert:  Shawn P Adamo replied 6 months ago.
I would help but the cost would me more. I'll send an offer.
Expert:  Shawn P Adamo replied 6 months ago.
Sorry the technology will not allow me to offer you a higher price because of the call.

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