How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I used a personal vehicle purposes months

Customer Question

I used a personal vehicle for business purposes for 3 months in 2015. I ceased using the vehicle for that purpose but am now asked to list "adj basis prop given-amt. I still own the vehicle so what am I to do?
JA: The Accountant will know how to help. Anything else I can tell the Accountant before I connect you two?
Customer: no ma'am
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.
For that purposes - the adjusted basis is your original purchase cost.But for deduction purposes - most likely you will use the standard mileage rate - so be sure keep track of miles driven for business purposes and enter that information into your tax preparation software.Questions?
Customer: replied 6 months ago.
I purchased the vehicle in 2006, listed the FMV of the vehicle at the time of use & used the mileage but how to I determine the AMT if I did not trade-in or sell the vehicle? It was used for 3 months while coaching in another town & then converted to personal use.
Expert:  Lev replied 6 months ago.
If you are using the standard mileage rate - it would not matter what is your adjusted basi...
Expert:  Lev replied 6 months ago.
In this case - you may use ANY amount.For AMT purposes - use teh SAME amount as you are using for regular tax purposes..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.