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Investors & landlords
You do have a huge gain on the previous vehicle. This is the danger of Section 179. The life of the vehicle is 5 years but you sold it before its useful life was over. Now, you have to recapture a big chunk of that $11,000 and that amount is taxable.
Make sure you fully complete the sale of the first vehicle before entering any information for the new one. It is a sale for IRS purposes as there is no longer a like kind exchange for vehicles.
‎February 27, 2023
7:22 AM