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Deductions & credits
you're limited to the lower of cost or Fair market value on the date converted to business use.
you could ask the dealer for a valuation. another source might be your insurance carrier
most likely you'll have to guess because there are many factors that go into determining FMV like its condition and mileage. the fact that you mention it needing repairs unless due to events like accidents occurring in 2022, it would seem to infer FMV was much less than cost.
‎December 29, 2022
5:28 PM