Purchased a 2021 Chevy truck in May 2021 - cost was $50,357 and received trade in allowance of $25K. Chevy driven for two rental properties during 2021 - Form 4562 shows 3.52% business use for Property A and 6.53% business use for Property B.
In October of 2022, purchased a 2020 Ram Truck for $59,995 (not including tax, tag, etc.) and received $46,249 for trade of Chevy truck. Cash paid $11,300.
In 2022 used Chevy for 441 business miles for Property A. Property B business miles was 581. Total vehicle was driven was 4257.
I indicated in the interview 10/17/22 as the date vehicle (sold, etc.) - when I get to the question as to the
vehicle total cost - my confusion begins.
1. What is my Chevy total cost? Purchase price minus trade in allowance?
2. What is my basis for loss/gain?
3. I can figure the depreciation for the next screen once these questions are answered.
I then used the Ram truck for the remainder of 2022 for business mileage. How do I compute the basis for the Ram going forward?
Thanks so much for any help!
