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Financial Planning / Tax Strategies
|Subject: Form 8824 req. when using std. mile ded?||Date: 2/26/2001 1:39 PM|
|Author: chrisrock||Number: 47198 of 122537|
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
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