I purchased a work truck in 2016 for $7K it become salvageable in April 2019. Transmission went out. Can I take a loss on my Schedule C and how do I record properly?

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depends on how much depreciation you took or should have taken. if it is or should have been fully depreciated then your tax basis is $0 then any money you receive for salvage would be taxable.

Is a transmission replacement for my vehicle considered a major purchase? this is the only vehicle I own and I use it to get to work, groceries, doctors appointments..

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I purchased a work truck in 2016 for $7K it become salvageable in April 2019. Transmission went out. Can I take a loss on my Schedule C and how do I record properly?

I purchased a work truck in 2016 for $7K it become salvageable in April 2019. Transmission went out. Can I take a loss on my Schedule C and how do I record properly?

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I purchased a work truck in 2016 for $7K it become salvageable in April 2019. Transmission went out. Can I take a loss on my Schedule C and how do I record properly?

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I purchased a work truck in 2016 for $7K it become salvageable in April 2019. Transmission went out. Can I take a loss on my Schedule C and how do I record properly?

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