IreneS
Intuit Alumni

Deductions & credits

No.  If you had traded in the old vehicle on the new one, it could have been considered a like-kind exchange.

If you sell property and buy similar property in two independent transactions, you have to treat the sale and purchase as two separate transactions.

For more information on like-kind exchanges, please see IRS Pub. 544 - Sales and Other Dispositions of Assets


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