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Deductions & credits
$12500 times .4824 is 6030. That is what you paid for the car which is the basis. You depreciated it down to zero. SO your basis is zero after depreciation
The trade in that you received for the car was $4000. 4000 times .4824 is $1930. That's what you owe tax on.
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‎April 18, 2022
8:10 PM