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I use a van for two different businesses. I sold the van. Do I report the sale under both businesses?

 
1 Reply
Carl
Level 15

I use a van for two different businesses. I sold the van. Do I report the sale under both businesses?

If you've been claiming the van as a business asset for both businesses, then you have to report the disposition of that van on the tax return for both businesses. You'll split your cost/gain/loss between the two businesses.

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