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Investors & landlords
If you used the vehicle for at least six years, the original value is fully depreciated, which would result in a gain for the total amount of the sales proceeds.
Your best option is to delete the vehicle and enter the transaction as the sale of business property. Let TurboTax calculate the accumulated depreciation based on your usage since 2012.
Note that the IRS requires that you include all depreciation that would have been taken in the past, even if you failed to claim depreciation for any years the asset was used for your business.
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‎February 2, 2024
7:43 AM