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posted Jun 1, 2019 9:11:48 AM

Should I enter in the sales price for the trade-in the net amount or the full trade-in amount? Dealer offered $16,000 but most went to the loan. Net trade-in was $2001.

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Level 3
Jun 1, 2019 9:11:49 AM

The full trade-in will be entered.  Otherwise, you would be underreporting the amount you received for it since you would have reported the full purchase price that the loan was used to pay.

1 Replies
Level 3
Jun 1, 2019 9:11:49 AM

The full trade-in will be entered.  Otherwise, you would be underreporting the amount you received for it since you would have reported the full purchase price that the loan was used to pay.