I used the same car for two rental properties and sold this vehicle in 2023.
I went to Less Common Business Situations --> Sales of Business Property.
But I am still very confused about how to enter the total sales price and cost of property
Suppose:
The FMV of this vehicle started to use for rental 1 was $40,000
The FMV of this vehicle started to use for rental 2 was $30,000
Total miles driven in 2023 on this vehicle was 10,000 miles
Total business miles driven for rental 1 was $1,300 miles (business portion = 1,300/10,000 = 13%)
Total business miles driven for rental 2 was $1,500 miles (business portion =15%)
I sold this vehicle for $8,000 in 2023
Should the total sales price be $8,000 * 13% + $8,000 * 15% = $1,200 ?
Should the cost of property be $40,000 *13% + $30,000 * 15% = $9,700?
If so, do you think the sales of this vehicle is actually calculated twice?