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Business & farm
Reading the comment below, leaves me confused.
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The basis entry should have been the FMV when put into service of $18,400 times the business use percentage (41.36%), or $7,610.24.
You should enter 41.36% of the sale amount as the sales proceeds ($744), so the loss on sale should be $453 (basis of $7,610.24 - deprec $6,413 - sale $744).
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Wouldn't basis of $7610.24 - $6414 - $744 = POSITIVE $453. Isn't that a GAIN? The comment says it's a LOSS of $453.
My biz basis of car was $7610, and I depreciated .the car by $6414. (I avoided tax on that $6414).
My Biz sale value is $744.
How does that provide me a LOSS of $453? (I sold the car for $1800, with a biz sales value of $744 - where is the LOSS? Please explain this to me)