Thank you for taking the time to respond. My accountant passed away last year so I decided to do my own taxes with Turbo Tax. Accounting is not my strong suit. Here are some #'s , maybe someone can come up with an estimate of how much I will have to report on the trade ( $ 15,500) of the car. 2021 first year I took depreciation.
Purchased 2017 , Put in service 8/2021. $20, 000 value as per Kelly Blue Book.
FORM 4562 Line 2 SECTION 179 Property $17,178 ( $ 20,000 x 85.89 % used for business)
4562 Line 22 $ 8761
Schedule C Line 13 $ 8761
* Note Traded in Jan 8, 2022
Is this enough information to figure what I will have to report as income on the sale of 2017 car ?
Thank you
