Hello, I am hoping someone might be able to answer my query. It is 2022, (tax year) and I am selling a personal vehicle I have had for 50 years! It is a collectible, but a daily driver. How do I determine its basis? Do I list what I paid for it in 1972? Do I calculate all the repairs, etc. over 50 years and then subtract all that from the sale price? I am not sure about the best approach, or if IRS allows those past items to be calculated to form a basis. Or do they only allow what it cost me to actually sell the vehicle? Thank you in advance for any respose.
