ThomasM125
Expert Alumni

Business & farm

The trade in value would be considered the sales price of the business vehicle given up to acquire the new vehicle. The difference between that value and the cost of the vehicle, less depreciation, will be the gain or loss that you would recognize on your tax return for the disposition of the vehicle.

 

You will add the new vehicle to be used in the business in the "Business Vehicle Expense" section which is found where you enter your business expenses.

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