I began my rental property business in 2010. At the time, I had a minivan I began using for this business (minimal miles). In 2012, I traded the minivan for a station wagon. Trade in value for the minivan was $1,500. Total Depreciation Equivalent for the minivan = $243 based on mileage. Purchase price of the station wagon was $18,750 + $1,266 tax = $20,016 total. In 2024, I traded the station wagon for an SUV. Trade in value for the station wagon was $600. Purchase price of the SUV was $44,800 with taxes. Using the mileage I reported from 2012 through 2024, the Total Depreciation Equivalent for the station wagon = $649. Since I traded in a vehicle when buying the station wagon and then traded the station wagon for an SUV, how do I calculate the station wagon's Vehicle Cost and Basis for Gain/Loss?
