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Deductions & credits
You used to go through the trade in of like kind property in the past. The IRS changed the rules in 2018 and now you have to just sell the car you traded in and enter the new vehicle as an asset.
Your traded in vehicle was purchased 2019, after the new laws, so the basis should be simply what you paid for it. You would only have a different AMT value if you had a form 6251 from a prior year regarding this vehicle.
@Darickbrown
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‎April 18, 2022
10:14 AM
1,748 Views