dude7707
Level 5
‎08-23-2021 06:06 PM

Rec'd following:

2017 - Busn % - $3,420 Legal Settlement - Shop Repairs - Offset against repairs?

2018 - Sold Vehicle - Busn % Proceeds - $1,315 - Taxable or Not Taxable?

 

Additional facts:

 

Gross Proceeds   2,000   
  Times Business %: 66% Used 2018 Busn Mileage %
     Adjusted Gross Proceeds 1,315   
        
Less:  Adjusted Cost Basis     
  Original Cost Basis - 14,000    
  Times Business %: 66%    
      Adjusted Basis  9,208   
        
Less:  Depreciation Component 5,291   
        
    Adjusted Cost Basis 3,917   
        
    2018 Estimated Gain(Loss)         (2,601)   

 

I would say, Not Reportable, since generally, personal asset cannot report losses, not a Corp asset, and even though depreciation was taken, since there is a depreciation component in the standard mileage rate.

 

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