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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29535
Experience:  Taxes, Immigration, Labor Relations
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I NEED TO CALCULATE COST BASIS VEHICLE USED IN BUSINESS

Customer Question

I NEED TO CALCULATE COST BASIS FOR A VEHICLE USED IN BUSINESS STANDARD MILEAGE RATE FOR ANOTHER VEHICLE. WHAT IS YOUR CHARGE
JA: Thanks. Can you give me any more details about your issue?
Customer: THE VEHICLE TRADED IN COST46,026 MILEAGE FOR 2013 WAS 648 X .23 2014 WAS 4720 X .22 2015 WAS 4129 X 24 THIS TOTALS 2178
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Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
Hi and welcome to our site!It looks as your original purchase cost for teh vehicle was $46,026So far - you may add registration fees and improvement expenses (if any)The you correctly calculated accumulated depreciation based on your business mileage for past years.Now we need to apportion the vehicle use for business and for personal purposes - so we need to know TOTAL miles the vehicle was driven during these years - so we may determine the business percentage use.Then you will have separate basis (with adjustments) for personal part and for business part of teh vehicle.Let me know if you need any further help.