I started a business on March 1, 2022. I used a 2014 Dodge Challenger for both business and personal use and tracked the miles. I then totaled the Challenger on 9/21/22.
Total miles driven in the 2014 Challenger from 3/1 to 9/21 was 8750 miles. Business miles driven: 3908 (44.66%).
Geico paid out $20,120.59 for the totaled 2014 Challenger.
I calculated the value of the Challenger on 3/1/22 to be $21,405 ($20120.59 + depreciation).
I am having a very hard time with the basis for gain/loss on the vehicle.
In addition, I purchased a new Dodge Challenger in October 2022 - does this figure anywhere? Please help!
