I'm now working on the second vehicle and am unsure that I have computed this correctly. I'd really appreciate a quick check as TT is showing I have a $4,092 loss. I have just calculated the figures for one property and since there is a similar use on the 2nd property, I want to be sure I am correct since it may result in a $10,000 loss when I complete the 2nd??????
Vehicle purchased used in 2018 for $32,500 and immediately placed in service - mileage at purchase 45,136. To determine biz basis I subtracted 1,436 biz miles (Prop A) from mileage at sale 58,791 resulting in a 2.4% business use. I then used $32,500 minus $780 (2.4% biz use) = $31,720. I then subtracted prior depreciation taken of $482.35 resulting in a net tax basis of $31,237.65. (There is no place for entry of this number).
I traded in the vehicle for $25,000. Multiplying that value times 2.4% results in a $600 business sales price.
Line 35 shows $922 depreciation amount.
I very much appreciate the help!
