I operate a business as a sole proprietor (schedule c) with 3 employees. I have three business vehicles (registered in busines name). I recently traded one of them for my own personal vehicle registered in my name.
I was allowed $17,000 for the trade in of the business vehicle towards my personal car. The business vehicle was purchased new in 2015 and was fully depreciated. As I completed the information and answered the questions in TurboTax, it would appear that the $17,000 is not taxable in any way. Is this correct?
