1/3 business use of 39000 FMV when put to business use = business tax basis = 13000 less depreciation 1262 = 11738
proceeds 32500 * 1/3 = 10833
10833 - 11738 -905 loss
10725 is 1/3 of 32175
when a personal asset is put to business use the tax basis for business is the lower of cost or Fair Market Value. in your case, FMV is lower so that is used for business deprecition, gain or loss
for your personal portion
you cost less 13000 = tax basis of personal portion
sales price 2/3 of 32500 = 21667 - tax basis of personal portion, if loss it's a non-deductible personal loss. if a gain it's taxable
not sure how you came up with 1/3 business use.
business use once converted would be business miles divided by total mileage.
hope you kept records of nusiness mileage .
