I traded in a vehicle that I used for work 30% of the time. I've worked my way through the questions and I'm on the part about "Let's get the info on your gain and loss basis". I didn't make any major improvements to the vehicle. How am I determining the basis? I do have the mileage I used for work for each of the last three years I had the vehicle. I bought the car for $80k and they gave me $55k on the trade-in (negative equity was applied to the new loan). My follow-up question is then how do I determine the depreciation equivalent on the next page? Does the same number go in both boxes (meaning the same number in both spots on the depreciation page and then whatever the gain/loss basis gets that number twice)?
