Thank you for the reply. I reported the 2017 sold/disposed on Oct 10, and the 2019 placed in service on Oct. 10. The loan balance at the exchange was ~$21,000
You stated, "The amount you received for the vehicle is the fair market value of the 2019 vehicle less the balance of the loan."
I didn't receive any amount, just car for car. How can I determine the fair market value of the 2019? If the 2019 was brand new, wouldn't it be the retail price?
