Thank you for the quick response! I have a call into TT for assistance.
However, to clarify, my cost basis is the purchase price times the percentage of business use? And, my business portion of sales price is the trade-in allowance ($25,000) times the percentage of business use?
I did not know I needed to include my business use percentage to the purchase price. Just want to confirm that information. This is all new (and greek to me) - I also sold another vehicle so it's double trouble for me this year. The second vehicle was not placed in service until 14 years after purchase. Do I use the fair market value at the times the percentage of business use as the cost basis for that vehicle? Do I also include the original purchase price?
Thanks again!
