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Get your taxes done using TurboTax
when did you acquire the vehicle that is now being sold? if it was after 12/31/2017 you did things incorrectly. effective for 2018 and later years like-kind exchanges no longer applied to assets like vehicles. Thus when you traded in the old vehicle the trade in value was supposed to be used for determining gain or loss on it. For the vehicle you sold in 2023, you should have used its cost for depreciation purposes.
March 5, 2024
9:44 PM