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Deductions & credits
Okay, I guess with your odometer readings and assuming you started at 0 miles when you bought it, your average percentage is 23.35%.
So here is the second calculation:
Unadjusted Business Basis: $32,000 x 23.35% = $7472
Minus Depreciation (Adjusted Business Basis): $7472-$6000 = $1472
Business Selling Price: $15,000 x 23.35% = $3503
That results in a business gain of $2031.
In your case, your taxable business gain is $2031.
‎February 7, 2023
10:41 AM