sjrcpa
Level 15
08-23-2021
08:38 PM
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With your additional info I agree there is no taxable gain.
But how did cost basis in 2017 go from $12,000 to FMV of $2,000 in 2018? Was the vehicle trashed? Or was the 2017 basis used original cost and not lower of cost or market when placed in service for business use?
The more I know the more I don’t know.