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What part of Form 4797 will I use, what figures are the

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correct ones, my software shows...
What part of Form 4797 will I use, what figures are the correct ones, my software shows 1,403 for 2017 depreciation on old vehicle, is that correct? Can I use the standard mileage rate deduction for new vehicle? Just want help to get thru the entire transaction on the tax return.
Submitted: 2 months ago.Category: Tax
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3/24/2018
Tax Professional: Lev, Tax Advisor replied 2 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,955
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my software shows 1,403 for 2017 depreciation on old vehicle, is that correct?

That is based on your depreciation deduction of that old vehicle in prior years.

We need to verify

- if you used actual car expense - amount of depreciation claimed

- if you used standard mileage - a part is apportioned to depreciation - for instance in 2016 $.25 per each business mile will be accounted as depreciation.

Can I use the standard mileage rate deduction for new vehicle?

Yes - that choice must be made in the year the new vehicle is placed in service.

.

Let me know if you need any help.

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Customer reply replied 2 months ago
Used actual expenses on old vehicle. When reporting on the Form 4797 am I correct to report in Part 111 using 13,300(38,000 trade in allowance x 35% business use) as sales price and the adjusted basis as 11,525(40,096 total cost x 35% business use less 2016 depreciation of 1,106 + 2017 depreciation of 1,403). Wanting to shift to standard mileage on new vehicle purchased on 10-17-17.
Tax Professional: Lev, Tax Advisor replied 2 months ago

You will report disposition of the full price of 38,000 trade in allowance

Use original purchase price as the basis adjusted for depreciation

will use actual accumulated depreciation for prior years - 2016 depreciation of 1,106 + 2017 depreciation of 1,403

If realize a loss - it is not deductible because the property was used for personal purposes.

The gain will be taxable.

You will start with the standard mileage on new vehicle.

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Tax Professional: Lev, Tax Advisor replied 2 months ago

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 Social Security / Tax related issues.

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