Yes. Here is the formula based on your actual mileage numbers. Keep in mind that you did have that much personal use of the vehicle before converting it to business use. The sales price and cost basis need to be prorated with the following percentages, or the number you arrive at based on this example. The depreciation will be actual numbers based on your deductions.
Total miles driven all years = 55,786 (40,335 + 15,451) // Personal use percentage = 83.42 %
Business miles Property A = 4,750 // Business use percentage = 8.515% (4,750/55,786)
Business miles Property B = 4,504 // Business use percentage = 8.074% (4,504/55,786)
The percentages in total equal 100% of the vehicle. If there is an overall gain, you will have taxable gain. You will use the actual cost of the vehicle to determine the amount of gain if any.
Please update here if you would like further assistance.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
