How do you determine the adjusted basis of a new vehicle purchased with the old vehicle used as a trade in.?

Purchase price of new auto = $23,000

Trade in value  of old vehicle = $9,500

Purchase price of old vehicle (5 years ago) = $23,000

3 of the 5 years took standard mileage deduction; 2 of the 5 years took actual expense deduction (depreciation). Business mileage use % averaged around 20 - 25% each year.

How do you compute the basis of the new auto?

Also, is there any gain/loss to be recognized or is the gain/loss used to compute the adjusted basis of the new auto?

Where in the asset worksheet do you enter the values determined above?

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