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Business & farm
The trade in amount is the sale price for the vehicle. You sold the property for that amount if you traded it for another business vehicle.
The conversion to personal property is entered only if you have a variable business use rate for multiple years. Then you would convert the vehicle to personal property and say nothing about the sale. You would then enter a new item in sales of business property and you will need to manually figure out the basis of the portion of the vehicle that is business use and enter the sale with the trade in value as the sale price.
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‎February 13, 2023
11:55 AM