I follow the business portion of this answer, but not the personal portion. My understanding is that the gain or loss on the business portion is reportable, but only a gain on the personal portion w/be reportable (i.e. cannot claim a loss on the personal portion). The Recommended Answer seems to imply that if the "net value personal portion" is less than $1,400 then the loss is deductible. I'm also not sure what the "net value personal portion" based on the IRS tables for personal mileage is supposed to represent? I thought the personal portion would simply be 20% of the sales price = $1,400 - 20% of the original cost = $5,000, so net loss of $3.6k which would not be deductible. Can you clarify?
