Thank you! This was very helpful.
Now I'm stuck on Basis for gain/loss and Basis for AMT gain/loss. Not sure what these mean.
I am able to do this calculation:
Price of the vehicle when placed in service: $15K.
Used 10% for business.
Total mileage when disposed of = X.
X times 10% = Y.
What I do with Y in relation to Basis for gain/loss or Basis for AMT gain/loss, I do not know.
Any suggestions on this?
