We have traded in a vehicle during 2021 that is primarily used for business - 85%. We always just took the standard mileage deduction. I have entered into turbo tax that we stopped using the vehicle along with 85% of the trade in value as sales price and also input the original purchase price under vehicle total cost.
I don't understand what or how to fill in the next section regarding gain/loss basis. Do I leave these fields blank since we always took the standard mileage deduction. If not, please advise what goes into this section. So confused.
