Hackitoff, I think I am following you but still not there. This is what I have so far:
Orig Cost of vehicle traded in: $26,681
Trade in value: $5,372
Total miles: 81,015 Pers miles: 76,049 Bus miles: 4,966 or 6.1% of total miles
Total depr based on your comments below: $1,165
This is where is gets fuzzy for me as I am not following what to do next.... :(
Are you saying I should take 6.1% of orig cost ($26,681) = $1,627 LESS depr $1,165 = $462 bus book value
Then 6.1% of trade in $5,372 = $329
Since $329 is less than $462 I claim a cap gain of $329
If this is NOT correct can you spell it out a bit more for me please. Thank you so much!
