@Gatorvet01 wrote:
I'm still lost. I've read through the responses and I still can't figure out how to do mine. I started using my van for business in 2016. I'm estimating it was worth $18,400 then. I sold it November 2019. I have $6413 in depreciation based on the calculation using the standard mileage dedication tables you provided. I traded it in for a new vehicle and they gave me $1800 for it. Based on usage of 41.36% this means I made $754 on the sale.
For basis for gain/loss I did $18,400 -$ 6,413 and got $11,988
Don't enter it in the vehicle section. Say you converted the vehicle to personal use.
Then report it in the "Sale of Business Property" section, using (1) 41.36% of the $18,400, (2) 41.36% of $1800, and (3) the depreciation of $6413 (as a side note, you calculated the depreciation using ONLY the business miles, right?).
One other note: I don't remember if the "Sale of Business Property" section asks for the Unadjusted Cost Basis (41.36% of $18,400) or the Adjusted Basis (41.36% of $18,400 MINUS the depreciation of $6413), so be sure you enter whichever it asks for.
