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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.
The trade-in value is the sales price.
Gross sales price for the asset that you are trading in what goes in that field?
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.
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