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Author: jocave One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121179  
Subject: FMV of car Date: 3/21/1999 7:10 PM
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I am trying to determine my tax basis in a car I put into service in my Schedule C business shortly after it was purchased. According to my reading of the IRS publications and the TurboTax help, it seems like I should use the FMV of the car at the time it was placed into service as my tax basis. Unfortunately, I have no idea what the FMV was or is, since the blue book doesn't list it because it's too new.

I purchased the car for ~15k on 6/24/98 and used it for exclusively personal purposes until 10/19/98 when it was converted to combined business/personal use. If I cannot find a blue book value, is there a depreciation schedule I could use to compute its FMV?

Mileage-
6/24/98 - 10/19/98 4800 (personal)
10/19/98 - 12/1/99 2700 (business)
700 (personal)
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