Thanks for the reply. We're getting there. Let's see if we have this straight.
1) Sales Price (business portion only) = $300 (which is 20% of the $1500 trade in value)
Expense of Sale = $0
2) Vehicle Total Cost = ???
- $20,000
- 20% of $20,000
- other
3) Basis for gain/loss = $2900 which is 20% of ($20,000 – $4000 mileage – $1500 trade)
Basis for AMT gain/loss = same or different???
4) Prior depreciation equivalent = $4000 milage???
AMT Prior depreciation equivalent = same or different???
Sorry, if these seem like silly questions, this is the only thing that has really stumped us over many years of using TurboTax.
Thanks again in advance! 😊
