Business & farm

Yes, you are right. The full amount of business use standard mileage rate (SMR) is used in your formula to arrive at taxable gain. Business use numbers below:

1. Cost: $19,952
2. Depreciation (SMR portion) $17,541
3. Sales Price: $3330
4. Gain = $919

Be sure to mark the vehicle as converted to personal use. 

Next enter your Sale of Business Property

1. Income at the top
2. Scroll down to Other Business Situations
3. Select Sale of Business Property
4. Select Sales of business or rental property that you haven't already reported.
5. Answer 'Yes' to Do all of the following apply...?
6. Enter your sales information, do not make an entry for depreciation (no zeros)
   1.  Description of the Property (Vehicle made/model/year)
   2. Sales Price/Sales Expenses 
   3. Date acquired and date sold
   4. Sales Price
   5. Cost
   6. Depreciation

@LM--2025