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)
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates,