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You have (or had) to use the lesser of the fair market value or your adjusted basis when you put the vehicle into service.
You have (or had) to use the lesser of the fair market value or your adjusted basis when you put the vehicle into service.
Thank you for taking the time to respond. My accountant passed away last year so I decided to do my own taxes with Turbo Tax. Accounting is not my strong suit. Here are some #'s , maybe someone can come up with an estimate of how much I will have to report on the trade ( $ 15,500) of the car. 2021 first year I took depreciation.
Purchased 2017 , Put in service 8/2021. $20, 000 value as per Kelly Blue Book.
FORM 4562 Line 2 SECTION 179 Property $17,178 ( $ 20,000 x 85.89 % used for business)
4562 Line 22 $ 8761
Schedule C Line 13 $ 8761
* Note Traded in Jan 8, 2022
Is this enough information to figure what I will have to report as income on the sale of 2017 car ?
Thank you
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