Same issue, but more extreme example:
Sales Price (Business Portion Only): $2176 (vehicles used for business 14.5% of the total mileage)
Vehicle Total Cost (doesn't ask for Business Portion Only, so this is price paid): $17,977
Basis for gain/loss (enter 100% of basis): Blank, because it was not acquired via trading in listed property, and in the initial year, it was for personal use
Prior Depreciation Equivalent (used mileage based expensing): $1,335
Installment Sale: No
"Your gain is $2176"
My purchase price minus depreciation is $16,642. How can it even calculate the business gain, if it doesn't know the business portion of the purchase price?
If I use 14.5% of my purchase price to calculate the "Business Use" portion of the total purchase price of $17,977 we get $2,607. Subtracting $1,335 depreciation from the $2,607, I get $1271 adjusted basis. Subtract that from the sales price of $2176, I get a gain of $904.
How is the gain calculated as $2176?
@Carl ?
