@DianeW777
Would you mind reviewing my question one more time? I just realized I wrongly used the 2023 miles (not the total miles) to calculate the business portion yesterday.
I corrected the numbers:
- Cost basis (business portion): $2,169
- Sales (business portion): $491
- Depreciation (2015-2023): $1,895
Gain: 491-2169+1895 = $217
1. This time I got the gain for the sales of the vehicle. Would you think it will trigger the special tax treatment?
2. When you said " In a case where a gain could potentially be higher than the depreciation", the gain here you mean 'sales-cost'? or 'sales-cost+depreciation' ?
3. Regarding the calculation of deprecation, the rate for 2021 is $0.26/mile , if the BUSINESS miles I drove for 2021 was 100 miles, so the deprecation equivalent for 2021 was 100 * .26 = $26 ? ( I just would like to confirm my calculation was right).
Thanks!
