Question

Problems figuring out the depreciation of an automobile

Forum|Forum|1 year ago
April 6, 2025
1 reply
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I am trying to make sure I have the appropriate info filled out in my forms. On my Form 3885A (Alternative Minimum Tax Depreciation Report) I have my car and it includes the date in service, which was September of 2017, but there is no price mentioned in the "Cost."

Is that a mistake? Should I put the original amount that I paid for the car when buying in 2017? Then figure out the depreciation from there? I think I must have done something wrong last year, but if I can get more deductions from the use of my car I would like to be sure to do this correctly.

Thanks for any help.

TurboTax Home & Biz Windows

R

RobertB4444

The cost is indeed what you paid for it in 2017 but it would have been depreciated over the 5 years following that until 2022. So by now it would be fully depreciated and - if it is 100% business use - it would be worth zero dollars. If it is partial business use then the business use portion would be worth zero dollars.

You can still take mileage for a deduction, of course. But depreciation has run out on that one.

@violicious25

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