Going off of MMF74's question regarding the calculation of the basis for determining the capital gain/loss, I purchased my vehicle in 2015. I started my business 9/1/2020, at which time I started using my vehicle for the business. The vehicle usage was only a total of 26% of the time until I traded it in 3/2022. For calculating the basis, I am looking at the Sept 2020 JD Power & Associates NADA guide. Which column do I use for the value: Rough Trade-in, Average Trade-in, Clean Trade-in, Clean Loan, or Clean Retail? (It has been 20 years since I prepared taxes professionally...I cannot remember.) I seriously doubt it would be the MSRP column, but...
Thank you very much!!!
M Clark
