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Do we have to pay tax on trade-in value of car used for business?
My daughter used her old car for self-employment (she also has a regular job). She drove about 1000 miles for self-employment in 2017, about 10% of the total miles driven in 2017. In December, she traded the old car in. She got about $1500 on the trade-in. She has not used the new car for business, but she might at some point this year. Do we put in $150 for sales price, since it was used 10% for business? Does it matter what the purchase price of the new car is? Does she really have to pay tax on the trade-in value?
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‎June 3, 2019
12:16 PM