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Get your taxes done using TurboTax
Yes. The cost basis of the car is $17,000 so if you sold it for $23,000 then you need to recognize a gain of $6000.
However, if you are carrying the car at a value of 50% on your books then it shows as 50% business usage and you depreciated 50% of the cost then 50% of the sale price is a gain.
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March 6, 2023
11:14 AM