https://ttlc.intuit.com/community/business-taxes/discussion/sales-price-of-trade-in-and-expense-of-sale-understanding/01/3394860#M114244 <P>I have situation where I traded in 2 cars in on December 27, 2023 for another car. Both cars were not paid for both still had loan balances . Car one Trade in was $26,000&nbsp; Principle Owed or payoff amount was $27,238</P><P>Car Two Car two Trade in 13, 355 Principle Owed or payoff $13,410.&nbsp; Both cars were used for Business.</P><P>I assume I have to multiply Car one amount by Business use pct to get amount same with car two .</P><P>Right? Also on Expense of Sale what is included in this amount? Also Car one was upside down i.e. I owed more than what car was worth. Does this matter or fact a car is traded in and there is still a balance owed on it? I have additional questions and have phone call scheduled with Tax Expert. as this whole section is confusing.</P><P>&nbsp;</P> Wed, 11 Feb 2026 10:47:26 GMT javatax14 2026-02-11T10:47:26Z https://ttlc.intuit.com/community/business-taxes/discussion/sales-price-of-trade-in-and-expense-of-sale-understanding/01/3394860#M114244 <P>I have situation where I traded in 2 cars in on December 27, 2023 for another car. Both cars were not paid for both still had loan balances . Car one Trade in was $26,000&nbsp; Principle Owed or payoff amount was $27,238</P><P>Car Two Car two Trade in 13, 355 Principle Owed or payoff $13,410.&nbsp; Both cars were used for Business.</P><P>I assume I have to multiply Car one amount by Business use pct to get amount same with car two .</P><P>Right? Also on Expense of Sale what is included in this amount? Also Car one was upside down i.e. I owed more than what car was worth. Does this matter or fact a car is traded in and there is still a balance owed on it? I have additional questions and have phone call scheduled with Tax Expert. as this whole section is confusing.</P><P>&nbsp;</P> Wed, 11 Feb 2026 10:47:26 GMT https://ttlc.intuit.com/community/business-taxes/discussion/sales-price-of-trade-in-and-expense-of-sale-understanding/01/3394860#M114244 javatax14 2026-02-11T10:47:26Z https://ttlc.intuit.com/community/business-taxes/discussion/re-sales-price-of-trade-in-and-expense-of-sale-understanding/01/3394892#M114247 Fri, 20 Dec 2024 04:08:44 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-sales-price-of-trade-in-and-expense-of-sale-understanding/01/3394892#M114247 Anonymous_ 2024-12-20T04:08:44Z https://ttlc.intuit.com/community/business-taxes/discussion/re-sales-price-of-trade-in-and-expense-of-sale-understanding/01/3394896#M114248 <P>If that's the case if car Trade in Value is 14,000 and payoff is $17,000 the $17,000 doesn't matter? so the gain is 14,000&nbsp;</P> Sat, 12 Oct 2024 06:54:01 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-sales-price-of-trade-in-and-expense-of-sale-understanding/01/3394896#M114248 javatax14 2024-10-12T06:54:01Z https://ttlc.intuit.com/community/business-taxes/discussion/re-sales-price-of-trade-in-and-expense-of-sale-understanding/01/3394898#M114249 Fri, 20 Dec 2024 04:09:27 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-sales-price-of-trade-in-and-expense-of-sale-understanding/01/3394898#M114249 Anonymous_ 2024-12-20T04:09:27Z