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Deductions & credits
It depends on how you reported it. Basically a gain is determined by comparing your original cost basis with the sale price of the truck It also takes in account the depreciation claimed in prior years that is now recaptured. Also, the percentage of business use of the truck may be factored into the gain.
Without being able to look at your return, these factors I listed above may account for the gain over and above what you received for the truck.
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‎April 6, 2023
3:46 PM
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