Traded in jan 8, 2022 (used 100% biz)
Trade in $ 15,500
Will use actual method for first 8 days on trade. Do I take depreciation ?
And actual miles on new car
Will I owe anything on the depreciation reported in 2021?
I read about "recapture" & reporting ordinary income. But not sure if this applies.
If yes can you tell me how to calculate this # ?
Thank you
