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Level 1
June 7, 2019
Question

Since like-kind exchanges are limited to real property beginning in 2018 how do you report the disposition of a vehicle that was traded in on a new vehicle?

  • June 7, 2019
  • 1 reply
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Both vehicles are only partially used for business.

    1 reply

    June 7, 2019

    you're supposed to use FMV as sales price,  however in practice most use the trade in value given on the invoice for the replacement vehicle.