@AmyC I have few hypothesis situation, I don't know if you can help me with them.
First, If I have a business, take actual vehicle expense deduction, business is closed after two years, Car was used for 80% plus for business, now because business is closed, car is 100% personal use. Does it mean I just need to enter sold price when I sell that car in the future ( cost basie - total depreciation in those years) and If there is a gain, I have to enter sale of business property in the future ?
If I sold the car after business is closed, the price I sold - ( cost basie - total depreciation in those years)? If there is a gain, I have to enter sale of business property now?
Second, If I have a business is closed after six years and the vehicle has been depreciated for five years already. When I sold the car, dose it mean all the sale price is taxable? Because after five years , there is no baise cost left. So sale price - 0 is all sale price .
Thanks
