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Business & farm
Don't know if this is for SCH C or SCH E. But regardless, if you originally were reporting the vehicle in the "vehicle assets" section, then in that same section you'll report that you sold it for it's trade-in value. If the vehicle was fully depreciated at the time you "sold" it, then the cost basis of the vehicle is zero and whatever you "sold" it for is reportable income.
‎June 25, 2023
9:32 AM
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