Yes, you should enter the actual date of purchase as well, when entering the sale of your vehicle. The sale should be completely accurate, it can make a difference if there is a gain. Any gain up to the amount of depreciation claimed will be ordinary income. In a case where a gain could potentially be higher than the depreciation that was expensed over time, any gain in excess of that depreciation would have special tax treatment if the holding period was greater than one year.
- Long term: held more than one year (one year plus one day) - This could qualify for capital gains tax rates if applicable (consider the information above for depreciable assets).
- Short term: held one year or less
@manbeing
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