In 2016 I bought a new car, for which I use about 50% of the time for my LLC business. In July, 2019 I traded in that car for a new one, of the same make and model. I am confused with both the Turbo-Tax layout and questioning criteria, and the new tax law that seems to say that this transaction was not a Like-Kind Exchange because it is no longer regarded this way. So is it a qualified Like-Kind Exchange or not? If not, the entire Turbo-Tax process is quite confusing.
I can submit all the numbers for both vehicles, if someone can give me some solid, reproducible advise.
