I sold my car in 2024 and received a $9,000 Trade-in Allowance, which was applied to Lease Payments for a new leased car. The cost of my old car was $53,390.91, used on an average for the past five years of 37% in business. The IRS Depreciation since 2014 (when I bought the car) is $17,540.82. I calculated the adjusted basis as follow=: $53,390.91 x .37=$19,952.18 (cost per Business Use) Less: Accumulated Depreciation of $17,540.82=$2,411.36. I received $9,000 for the old car. I think I would report a gain of $951.94. $9,000x.37=$3,3363.30 less Accumulated Depreciation of $2,411.36). Or, because I did not have 50% Business Use, I should report a gain of $9,000. Help in determining what I should properly report would be appreciated.
LM--2025
