Can someone please tell me how to calculate the values that go into the 2 boxes below? This is for sale of my car that was used for both business and personal use for a few years.
I have done the following calculations. Are these correct?
1. Business use percentage: Total business mile driven over years divided by total miles driven since the car was used for business.
2. Business portion of sales price: Sale proceed multiplied by business use percentage calculated above.
3. Business portion of sales expense: (Fair market value at the time car was placed for business use minus sales proceeds) multiplied by business use percentage.
Thank you!
