Which amount to use for "total cash and/or loan amount paid with the trade in?"
I have been stuck on this for a while and read all the previous articles but cannot find an answer that gives me what I need so a specific answer would be much appreciated.
I traded my 1 year old truck in 2022 on a new SUV. Both were used in my business for less than 50%. I need to know which figure to use for the car and truck worksheet, line 77 (entire basis of replacement or excess basis). In the easy step when I said the new car was part of a trade in, it asks for the "total cash and/or loan amount paid with the trade in."
I received 36500 for my truck, 28200 went to payoff my loan, leaving me 8300 down towards the SUV which cost 35169. So which of those numbers do I put? It doesn't seem to impact my tax due but does change the depreciation figures dramatically so I want to get it right for the future.
Thanks
