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Deductions & credits
Mike - thanks for the quick reply. I'm still thoroughly confused and I've created a nightmare for myself. It may be easier if I ask individual ?'s as I try to sort through this mess. Had a 2001 Jeep that was used in both rental properties for several years. In 2021, I used it one time to each property for business. Jeep was traded in (along with Chevy) in October 2022. I DID NOT convert to personal use in 2021 so it still appears on my interviews.
I had taken straight line depreciation over the years so I assume I dispose of it under "sales of business assets". Last year (another issue) TT folks suggested I choose the first option "Sales of Business or Rental Property, etc." rather than the second option of "Recapture of previously taken Section 179 or listed property". Use varied over the years but averaged 10% or less each year.
Can you confirm this is the correct selection? If so, is the "Cost of Property" the original purchase price or the business used based on the fair market value at the time the Jeep was placed in service? And, do I fill out the interview for each property separately or join the total business use for both?
Sorry to be a dunce but the screen is so different than the interviews under rental property.
Much thanks!