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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29935
Experience:  Taxes, Immigration, Labor Relations
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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
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Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year 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 1 year 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 1 year ago.
If you are using the standard mileage rate - it would not matter what is your adjusted basi...
Expert:  Lev replied 1 year 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.