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How to report a repossesed vehicle used in business

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W

wondering

Guest
My husband and I own a business. We used a van for both personal and business uses. We didn't depreciate or even expense the van for the business, but we do expense the mileage that we use the van for business. The van was repossessed, and since I am only reporting mileage for the first 3 months of 1999, my tax software wants me to file a sale of assets form for the disposition of the van. Do I need to do this? If I do, do I just state that the sales price was $0? How exactly do I handle this? Thanks!
 



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