I am struggling with the same issues.
I do not know how to calculate the basis of the vehicle (converted to personal use and then sold it in 2023). I followed previous posts NOT to report it as a sale but a conversion to personal use in Business Income & expenses. Further, my % business use varied year to year and was told TurboTax can't calculate that. Then posts directed me to go to Other Business Situations- Sale of Business Property -Other Property Sales, Recapture. I followed instructions to calculate the business use % over the years the car was used for business (business miles divided by total miles = .099). The sale price (trade in) was 17,500. So 17,500 x .099 = $1,732 'business portion of the sale price. The original purchase price BEFORE it was used for a business vehicle was $58,000 in 2016. My FMV estimate at the time I started using it for business is $50,000. What is my basis?
I have all the depreciation for each year and the total is $1,780. I used standard miles every year.
When I switch to Forms and look at the worksheet for this vehicle and also Form 4797, it gets very confusing,
I am using desktop Premier for Mac
Please HELP and thank you!
