jtxtax
Level 2

A taxpayer received trade-in value for a new vehicle. Both the old and new vehicle will be used in her Schedule C business (included in Depreciation Section). I see the Disposition tab in the detail section for the asset which has  like-kind exchange input, but not trade-in input. Do I utilize the Like-Kind input to calculate any gain/loss as well as the basis of the new vehicle?

 

Thanks for your input.

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