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?
No, like kind exchanges are no longer allowed for business personal property (only real property). What you described would be treated as a sale of the old vehicle (sale price is the trade in value) and a purchase of a new vehicle.
No, like kind exchanges are no longer allowed for business personal property (only real property). What you described would be treated as a sale of the old vehicle (sale price is the trade in value) and a purchase of a new vehicle.
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