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Yes, for the business use portion of the car. If there were insurance proceeds the insurance would be part of the sales price in this situation. Sometimes when it feels like a loss, because of depreciation there could possibly be a gain.
The standard mileage rate, if it was used while using the car for business, does carry a depreciation equivalent amount. The chart is attached for your convenience and it is in the "Learn More" on the screen asking for depreciation equivalent.
No loss would be allowed
on the tax return for any personal use mileage portion of the vehicle.
If you purchased a new vehicle then you should respond to the "Trade-In" question as well. If not, click no.
Yes, for the business use portion of the car. If there were insurance proceeds the insurance would be part of the sales price in this situation. Sometimes when it feels like a loss, because of depreciation there could possibly be a gain.
The standard mileage rate, if it was used while using the car for business, does carry a depreciation equivalent amount. The chart is attached for your convenience and it is in the "Learn More" on the screen asking for depreciation equivalent.
No loss would be allowed
on the tax return for any personal use mileage portion of the vehicle.
If you purchased a new vehicle then you should respond to the "Trade-In" question as well. If not, click no.
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