Have Tax Questions? Ask a Tax Expert for Answers ASAP
For my business (2002) and for side job (2004).
It does, thank you. But what about figuring the gross sales price and basis? Isn't the gross sales price based on % of business use (e.g. using 27% business use on Sch C and 28% on Form 2106)? And the basis determined by the lessor of FMV on the date placed in service or adjusted basis on the date placed converted asset in service? In both situations, the "date placed in service" and "% business use" differs. So would the result be two line entries of the car on Form 4797 (i.e., one resulting from Sch C depreciation and one from Form 2106 depreciation)?
Thanks. What about the basis? The car was used for business in 2002-2008 and later used for side job in 2004-2008. Should I use the basis from 2002?