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Get your taxes done using TurboTax
You should report that you stopped using the vehicle for each business. Then total up the depreciation you've reported for all businesses and report the vehicle sale on the business with the highest business use.
Since you didn't use the vehicle 100% for business since you first placed it into service, you will need to figure the gain or loss on the sale. Your basis is the original purchase price x business use percentage less total depreciation. Because you used it partially for personal purposes, you should have some remaining basis. Check the Depreciation Report (regular and AMT) from last year.
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‎April 15, 2024
1:56 PM
3,789 Views