Question

Is it mandatory 2 keep my car for 5whole years or I can sell the car before completing 5 years?I'm working 4 Uber for almost 5years now & used standard mileage deduction.

Forum|Forum|7 years ago
June 1, 2019
2 replies
0 views

I'm working for Uber for almost 5year. I use standard mileage deduction for tax purposes. Is it mandatory to keep my car for all 5 years. Or I can sell my car before completing 5 years. I want to sell my car before it breaks.

Benefit Assist Online

Critter

Employee

There is no mandate you keep the car for one minute let alone 5 years ... replace at will.

VolvoGirl

Employee

And where did you get the 5 years? Is that the depreciation period?

A

Anonymous

as an aside, the tax laws changed so a like kind exchange is not possible. basically in 2019 you will have to report the vehicle sold as sold. if sold privately, sales price is what you get. if trade in usually the value on dealer's invoice for the trade in.