Sold (traded in) vehicle in 2021 used partially at two rental properties since 2018. Trade in allowance $25,000 ending mileage 58,791. Prior depreciation calculated using depreciation rate for prior years.
Property A Total Biz miles 1322 (excluding 52 biz miles in 2021) resulting in 2.24% biz use = $560 biz portion sales price. Prior depreciation $348
Property B Total Biz miles 1436 (excluding 113 biz miles in 2021) resulting in 2.44% biz use = $610 biz portion sales price. Prior depreciation $482
Form 4797 Sales of Biz Property:
Property A
(d) Gross Sales Price (e) Deprec Allowed (f) Cost or other basis (g) Gain/loss
$560 $362 $998. $ -76.
Property B
(d) Gross Sales Price (e) Deprec Allowed (f) Cost or other basis (g) Gain/loss
$610 $511. 2,168. $ -1,047.
Since the % of use is so close, I do not understand how the losses in column G are so different. I do not know where the calculations for (f) cost or other basis is generated from. I entered $32,000 as the original purchase price (no trade or prior business use when vehicle placed in service nor any expense of sale).
Please advise!
