Vehicle Depreciation Question

[Lilbutterflie]

I started my daycare back in Aug '09. I had a tax preparer do my taxes in 2009 & 2010. This year, I am trying to do them myself and I've been using MMK all year to track everything.

My question is this: I have lots of daycare miles to deduct; but for the depreciation worksheet I need to know the value of my car when the business first started back in Aug 2009. How do I find that out??

[Lilbutterflie]

One more question...

In the Schedule C Worksheet, the values for both Vehicle and Depreciation are both $0.00; even though there should be high values for both. How can I fix this?

[TomCopeland]

Originally Posted by Lilbutterflie

I started my daycare back in Aug '09. I had a tax preparer do my taxes in 2009 & 2010. This year, I am trying to do them myself and I've been using MMK all year to track everything.

My question is this: I have lots of daycare miles to deduct; but for the depreciation worksheet I need to know the value of my car when the business first started back in Aug 2009. How do I find that out??

If you are using the standard mileage rate, you don't need to use the value of your car (since you won't be depreciating it). If you are using the actual business use method of claiming car expenses, estimate the value based on Blue Book prices, or ask a local car dealer what it was worth back then.

[TomCopeland]

Originally Posted by Lilbutterflie

One more question...

In the Schedule C Worksheet, the values for both Vehicle and Depreciation are both $0.00; even though there should be high values for both. How can I fix this?

Minute Menu doesn't calculate your depreciation deduction, so I'd leave this alone. If you are depreciating your car or other property, talk to your tax preparer, or consult my Family Child Care Tax Workbook and Organizer about how to do it.