topic Re: Traded in a business vehicle that was financed in Business & farm https://ttlc.intuit.com/community/business-taxes/discussion/re-traded-in-a-business-vehicle-that-was-financed/01/2203806#M72881 <P>Thank you. &nbsp;That is what I thought. &nbsp;There is no way to write off the loan either, correct?</P> Wed, 14 Apr 2021 19:59:18 GMT puppycat 2021-04-14T19:59:18Z Traded in a business vehicle that was financed https://ttlc.intuit.com/community/business-taxes/discussion/traded-in-a-business-vehicle-that-was-financed/01/2203656#M72873 <P>I am having trouble finding the right answer for this. &nbsp;I had a business vehicle that was 100% for the business. &nbsp;I paid 70k for it and depreciated 50k so far. &nbsp;I dissolved my business so I traded in the vehicle for a personal use vehicle. &nbsp;They gave me 32k for the trade in. &nbsp;However, I owed 36k on the loan. &nbsp;They paid the loan off directly (so I never had cash in hand). &nbsp;What amount should I put for the sales price? &nbsp;If it is 32k, is there anywhere else I can deduct the loan payment? &nbsp;Right now, it is saying I owe about 7k in taxes due to the gain in the sale I never actually had the cash from.</P> Wed, 14 Apr 2021 19:25:45 GMT https://ttlc.intuit.com/community/business-taxes/discussion/traded-in-a-business-vehicle-that-was-financed/01/2203656#M72873 puppycat 2021-04-14T19:25:45Z Re: Traded in a business vehicle that was financed https://ttlc.intuit.com/community/business-taxes/discussion/re-traded-in-a-business-vehicle-that-was-financed/01/2203759#M72877 <P>Your loan payment is irrelevant to the sale. The only things that matter are the purchase price, depreciation and sale price (trade in value).</P> Wed, 14 Apr 2021 19:47:27 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-traded-in-a-business-vehicle-that-was-financed/01/2203759#M72877 ColeenD3 2021-04-14T19:47:27Z Re: Traded in a business vehicle that was financed https://ttlc.intuit.com/community/business-taxes/discussion/re-traded-in-a-business-vehicle-that-was-financed/01/2203806#M72881 <P>Thank you. &nbsp;That is what I thought. &nbsp;There is no way to write off the loan either, correct?</P> Wed, 14 Apr 2021 19:59:18 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-traded-in-a-business-vehicle-that-was-financed/01/2203806#M72881 puppycat 2021-04-14T19:59:18Z Re: Traded in a business vehicle that was financed https://ttlc.intuit.com/community/business-taxes/discussion/re-traded-in-a-business-vehicle-that-was-financed/01/2203836#M72883 <P>No, not once it ceases to be a business asset.</P> Wed, 14 Apr 2021 20:08:04 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-traded-in-a-business-vehicle-that-was-financed/01/2203836#M72883 ColeenD3 2021-04-14T20:08:04Z
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topic Re: Traded in a business vehicle that was financed in Business & farm
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https://ttlc.intuit.com/community/business-taxes/discussion/re-traded-in-a-business-vehicle-that-was-financed/01/2203806#M72881
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<P>Thank you. &nbsp;That is what I thought. &nbsp;There is no way to write off the loan either, correct?</P>
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<pubDate>Wed, 14 Apr 2021 19:59:18 GMT</pubDate>
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https://ttlc.intuit.com/community/business-taxes/discussion/traded-in-a-business-vehicle-that-was-financed/01/2203656#M72873
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<P>I am having trouble finding the right answer for this. &nbsp;I had a business vehicle that was 100% for the business. &nbsp;I paid 70k for it and depreciated 50k so far. &nbsp;I dissolved my business so I traded in the vehicle for a personal use vehicle. &nbsp;They gave me 32k for the trade in. &nbsp;However, I owed 36k on the loan. &nbsp;They paid the loan off directly (so I never had cash in hand). &nbsp;What amount should I put for the sales price? &nbsp;If it is 32k, is there anywhere else I can deduct the loan payment? &nbsp;Right now, it is saying I owe about 7k in taxes due to the gain in the sale I never actually had the cash from.</P>
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<title>Re: Traded in a business vehicle that was financed</title>
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<P>Your loan payment is irrelevant to the sale. The only things that matter are the purchase price, depreciation and sale price (trade in value).</P>
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<title>Re: Traded in a business vehicle that was financed</title>
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https://ttlc.intuit.com/community/business-taxes/discussion/re-traded-in-a-business-vehicle-that-was-financed/01/2203806#M72881
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<P>Thank you. &nbsp;That is what I thought. &nbsp;There is no way to write off the loan either, correct?</P>
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<title>Re: Traded in a business vehicle that was financed</title>
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<P>No, not once it ceases to be a business asset.</P>
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