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If I purchase a vehicle for $34k and sell it for $15k and used it 10% for rental properties. I took at most $2k in mileage deductions over 4 years. How do I enter this? It keeps saying I have a gain. If I lost $1.9k (10% of loss) and part of the $2k was reimbursement for spending on things like gas, oil changes and other consumable items that I spent money on in addition to the $34k, why do I have a gain? Do I need to add gas and maintenance to the purchase price. Do I ever answer the questions with a negative number? I didn't depreciate the vehicle and it asks for a depreciation type and year. The questions are never ending and it seems like the mileage rate was just offsetting actual costs. Is it better to do actual costs instead of the mileage rate for a vehicle used 10% for business? It feels like it is making it more complicated than necessary.
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Entering the sale is shown below, including how to arrive at the depreciation when you use the standard mileage rate for a business vehicle. There will be no reason to enter any negative numbers for your vehicle sale. Do not add any expenses used for gas, oil, etc.
The way to report the sale (trade is not really recognized by the IRS any longer for equipment or vehicles) is as follows. You have all the records so it should provide you the detail to move forward.
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