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Business vehicle purchased and sold in one year
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Nancy100
Level 2
04-27-2021
04:02 PM
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I have a client who purchased a plow truck in January for $3000 and sold it in October for $2000. Is it the correct procedure to go ahead and fill out the car and truck worksheet? Should he take depreciation on it since it was purchased and sold in the same year at a loss? Please let me know how you would handle it. Thanks!
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IRonMaN
Level 15
04-27-2021
04:06 PM
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Enter all of the detail into the software, including the sale, and see what happens.
Slava Ukraini!
