My specific situation is this.
Purchased a used truck in 2021 for $14379 used for personal use until mid 2022 then started being used for business June 2022 until sold for $3500 in 2024.
Business use:
2021 0%
2022 51%
2023 77%
2024 43%
Average of 43%
Depreciation was actual every year from the first year used for business totaling $6273.
Sales price: 3500 x 43% = 1505
Basis for gain/loss: 14379 - 6273 = 8106
When I enter these two numbers 1505 and 8106 in the respective questions on TT, they tell me I have a gain of $804. I don't see how I have a gain and I don't know where they get that number from.
Can you please help me understand?
I'm finding it so confusing because on the question about basis for gain/loss it says enter 100% of basis yet when you click the explanation of gain or loss basis, It says that you should use the original purchase price and subtract any depreciation.
When I enter $1505