I bought a new Highlander in May 2022 and drove for both personal and business purposes. I traded in the vehicle for another Highlander in Dec 2022. Total miles were driven for all purposes 6,097. I used approximately 3000 + miles for business. I chose a standard mileage deduction of $1XXX. I added tolls used and interest paid during that period.
I bought the car for $47,159 (May 2022) and the trade-in Value is $40,300 (Dec 2022), and bought another vehicle for $45,009.76 (Dec 2022).
What should I include under the sales price?
Vehicle Cost Price?
Basis for gain/loss?
Basis for AMT gain/loss?
please help me with this.
