Help with sale of vehicle. Truck was purchased new in 2018, 100% use for business (traded in previous 100% business use truck). 2018 return shows $18,000.00 special depreciation, depreciation basis of $39,083.00.
2019 return shows $14,852.00 depreciation. 2020 return shows $8,911.00 depreciation. In 2021, the truck was no longer needed for business. It was traded in for a personal use vehicle. Truck allowance was shown as $40,000.00 purchase of personal use vehicle.
What sales price to I enter for price of truck traded, there were no expenses. Also basis of gain/loss and basis for AMT gain/loss.
Hope this is enough information to help me out.