@Critter-3 wrote:
When you placed the asset into service you had to use the FMV as of the date of conversion and not the original cost ... so since you used it personally for a time before you converted it you cannot use the original purchase price.
No. Basis for a GAIN is the actual Adjusted Cost Basis. Basis for a loss (and for depreciation) is the lower of Adjusted Cost Basis or the Adjusted FMV Basis. But the calculation for a GAIN uses the actual COST (plus and minus any adjustments, such as depreciation).
https://www.irs.gov/publications/p551#en_US_201812_publink[phone number removed]
