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Business & farm
Yes, you are allowed to claim the Standard Mileage Rate regardless of the value of the vehicle.
As for the disposition of the vehicle, 17% of the sales price is $21. Your business basis can't go below zero, so that's what you made. A de minimus amount.
Yes, you lost money on the personal portion of the sale, since your basis is whatever you originally paid for it, less the business portion. But since it's personal, you can't claim the loss.
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‎February 7, 2020
11:27 AM
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