Question
business vehicle - basis, depreciation, gain convert to personal use & sale
What is my business cost basis for this vehicle so I can calculate gain/loss?
50,000 FMV the year i put into business service (2017)
Varied business % use each year
.099 overall business % use 2017-2023 (all business miles/total miles)
Used standard mileage deduction each year and total depreciation included in standard mileage is $1,780.
Converted to personal use in 2023
Sold in 2023 for $17,500 (business % .099 x 17,500= $1,732)
What is my basis?
What is my total depreciation?
Do I have a gain or loss? (or just the $1,780 depreciation from standard mileage is taxed/recaptured?)
Thank you
