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maureen
Joined: 28 Mar 2008
Posts: 2
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| Posted: Tue Sep 30, 2008 5:58 am Post subject: Gain/Loss on sale of vehicle |
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I'm a little confused. If you sell a vehicle or trade a vehicle, how do you decide if it is a gain or loss on assets?
I thought it had to do with the depreciation scheduel balance, but I have now confused myself. Please help!! |
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Richard Noot
Joined: 20 Aug 2005
Posts: 892
Location: Minnesota
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| Posted: Tue Sep 30, 2008 6:30 am Post subject: Re: Gain/Loss on sale of vehicle |
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maureen wrote: I'm a little confused. If you sell a vehicle or trade a vehicle, how do you decide if it is a gain or loss on assets?
I thought it had to do with the depreciation scheduel balance, but I have now confused myself. Please help!! If you sell it for more than the basis then you have a gain. If you sell it for less than its basis you have a loss. When you trade the basis in the old car generally becomes part of the new basis. |
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dstetler1
Joined: 22 Oct 2008
Posts: 10
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| Posted: Thu Oct 23, 2008 4:52 pm Post subject: |
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| if you sell the vehicle for more than the original cost of the vehicle, it is a gain. and vice versa, sell it for less than original cost, it is a loss |
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dstetler1
Joined: 22 Oct 2008
Posts: 10
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| Posted: Thu Oct 23, 2008 4:52 pm Post subject: |
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| lol what he said |
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