TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Solved

when you trade in a business asset that has not been fully depreciated for another asset what goes in gross sales price? It said to put zero if you did not receive any money for it. Is this correct then it created a loss for the remaining depreciat

4 replies
19 views

No text available

TurboTax Business Windows

AmeliesUncleAnswer

Level 15

This looks like the scenario that I am trying to get an answer too. Is this correct?

Since the TCJA (Tax Cuts and Jobs Act) of 2017 no longer allows 'like-kind exchange' except for Real Estate, you can't defer any gain from the sale (or trade-in value) of your old asset. Since you traded the equipment, you can enter $0 as a Sale Price.

No, as I said above the Sale Price is what you received for the item, which is the trade-in value.

So if the new item cost $12,000, but you traded in your old item and only paid $10,000 for the new item, that means the trade-in value of the old items is $2,000. So $2,000 is the Sale Price.

Level 15

The trade-in value is the sales price.

Level 2

Gross sales price for the asset that you are trading in what goes in that field?

Level 2

This looks like the scenario that I am trying to get an answer too. Is this correct?

Since the TCJA (Tax Cuts and Jobs Act) of 2017 no longer allows 'like-kind exchange' except for Real Estate, you can't defer any gain from the sale (or trade-in value) of your old asset. Since you traded the equipment, you can enter $0 as a Sale Price.