You are correct.
Under the 'sold' option, you will report the same value:
- on your tax return as your selling price.
- as the current market value (purchase price) on your spouse's tax return, and
- as the value of your vehicle on the date you started using it for business on your spouse's tax return.
For instances vehicle 'sold' on tax return 1
Sold $5,000
Adjusted basis $4,900
Gain $100
For instances vehicle 'bought' on tax return 2
Purchase price $5,000
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
