RobertB4444
Expert Alumni

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.  

 

@bullybear87 

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