Vehicle traded in

[racelawn]

I traded in my 2016 fully depreciated truck for a 2020, I thought this would be a simple transaction, but when I went to post it on turbo tax things did not go as expected, how is this reported?

[tagteam]

You will enter the transaction in Business Vehicle Expense in the Business Expenses section.

[racelawn]

that is what I am trying to do, it ask about sales price, but not trade in value, it seems like the two vehicles should some how be connected

[AmeliesUncle]

The amount you received for the trade in *IS* the sale price.  That is what you use.

No, the new vehicle has nothing to do with reporting the sale of the old vehicle.

Was this vehicle always used 100% for business?  If there was personal use, TurboTax is NOT set up for reporting the sale, and you can't report the sale in the vehicle section.

[tagteam]

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@racelawn wrote:

that is what I am trying to do, it ask about sales price, but not trade in value, it seems like the two vehicles should some how be connected

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The two vehicles are not connected because tax reform (TCJA) eliminated like-kind exchange treatment for assets other than real estate. 

You have to treat your trade-in as a sale.

[racelawn]

after doing a little research I see the change from 2017-2018, that is life, thanks