In 2023, I sold a vehicle I used for both personal and business use. The vehicle was only used for business travel 2% of the time since I started using it for business, so it is primarily a personal vehicle.
I only used the vehicle for 6 months for the business before selling it at fair market value so the value didn't appreciably change. I didn't use the vehicle at all for business in 2023 because I sold it at the beginning of the year.
Is it best to say I converted the asset to personal use in 2023 rather than jump through the hoops of reporting it as a sale (as previously stated, I didn't use it at all for business last year)?
If reporting the sales price, I assume since I sold the vehicle for fair market value with no proceeds, it would be zero dollars?
