Hello-2022 vehicle transaction:
-trade in allowance=$16,000
-loan payoff on trade in vehicle=$13,470
From your posts, it appears that sales price (for the depreciation etc calculation section) is the $16,000. Do I ever get to expense the $13,470 anywhere? As part of the new vehicle purchase price maybe? I initially just used the net gain, which is apparently incorrect. Makes a big difference! Thanks very much.
