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Investors & landlords
not sure what you are doing. but like-kind exchanges only apply to certain real estate.
the proper reporting is to indicate the old vehicle was sold for the trade-in value. as explained depreciation is recomputed as if no 179 and/or special depreciation was taken. the difference is income reduced by the difference between the purchase and selling price. then you enter the cost of the new vehicle as a new asset which should allow either or both 179 or special depreciation. not hold the new vehicle for a full 5 years and you will again have recapture.
in most software special depreciation is automatic. there is an option to elect out for all 5-year class properties.
‎February 27, 2023
9:32 AM