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Business & farm
This looks like the scenario that I am trying to get an answer too. Is this correct?
Since the TCJA (Tax Cuts and Jobs Act) of 2017 no longer allows 'like-kind exchange' except for Real Estate, you can't defer any gain from the sale (or trade-in value) of your old asset. Since you traded the equipment, you can enter $0 as a Sale Price.
March 21, 2021
11:21 AM