I was gifted a car in 2014 used in my business from a great uncle who passed away, I used the KBB for basis for depreciation for the last couple years. Sold car in 2016 at a significant loss over the basis. Can I claim a loss on the sale?
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Assuming you didn't just trade the car in, the answer is yes. However, did you really have a loss?
Assuming you didn't just trade the car in, the answer is yes. However, did you really have a loss?
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