AliciaP1
Expert Alumni

Deductions & credits

Yes, when entering the cost or sales price of your mixed-use vehicle, you should apply the appropriate business usage percentage to the amounts.

 

If you did not have any major work done to the car, like an engine replacement or muffler replacement, and did not report depreciation on it for another business, then yes, your basis for gain/loss is the same as the cost.

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