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Get your taxes done using TurboTax
In 2019, you could have claimed the income/expenses on a Schedule C, as Business Income/Expenses. If you set up the vehicle as a Business Asset, you would receive depreciation each year. You could Amend your 2019 return to do this.
If you do this, in 2021 you would report the sale as 'Sale of a Business Asset' and any Gain/Loss would be calculated on the original cost you entered for the asset, less any depreciation taken, and the sale price of the vehicle.
If this applies, click this link for Renting a Vehicle.
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March 31, 2021
2:46 PM