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Example: 1) Sally sold her car, bought July 13, 2013 at $25,000.00, sold on Craigslist October 1st of last year 2017, for $9,000 2) Sally
Example:
1) Sally sold her car, bought July 13, 2013 at $25,000.00, sold on Craigslist October 1st of last year 2017, for $9,000
2) Sally sold her fishing boat, for which she paid $3,000 on July 1, 2013, for $4,000 on November 1st of last year 2017
Should I report these as sales of business property Form 4797 or not? If yes, can you please help to calculate depreciation on both items?Which method should be used?
Thank you
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