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Get your taxes done using TurboTax
It is possible to have a Gain on the Sale/Disposition of a Business Vehicle, depending on how long it was used and % of Business Use.
Once you have determined the current cost basis of the vehicle (business portion of value when placed in service, less depreciation taken) and the Sales Price (if sold or traded in), TurboTax will calculate a Gain/Loss for you.
Click this link for more info on Disposition of a Business Vehicle.
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March 23, 2022
11:03 AM