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Subject:  Form 8824 req. when using std. mile ded? Date:  2/26/2001  1:39 PM
Author:  chrisrock Number:  47198 of 121564

Hi all. I know this isn't strictly related to investing but I trust members opinions here. Any comments appreciated.

I've filed Sole Prop business taxes on a schedule C for 98, 99 and now 2000. I've always used the standard mileage rate deduction. I traded in my car in 2000 for a new one.

Turbotax now wants to know the cost basis of my old car when I put it in service (June of 98). When I click show form, it's filling out Form 8824. It looks like it's trying to figure out depreciation because of the sale (trade in). Is this necessary? I thought all depreciation was included in the standard mileage rate. Why should it matter that I traded in my car for a new one?

If this form does have to be completed, does anyone know where I can get historical fair market values for a car? Obviously, my biggest problem is I don't have that data. If I did, I'd just complete the form. I need to have cost basis of my old car as of June of 98.

Thanks in advance

Chris Rock
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