jafrazz
New Member

Self employed

I am a courier. I traded in the truck I was using. Do I show the truck as sold or adjust the cost of new truck by the trade in value I received. The original truck cost   28686, the trade in allowance was $14078 and the new truck was $ 55998. I have always used standard mileage deduction, but the return is recapturing the depreciation, . any help how to do this correctly. Thanks