I bought a new vehicle for my business. My husband took my old one for his. We converted his old to 100% personal. I am confused on the like- kind exchange section.

Even though we did no trade it still is asking for like-kind trade info.

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I bought a new vehicle for my business. My husband took my old one for his. We converted his old to 100% personal. I am confused on the like- kind exchange section.

No, it is not a like-kind exchange. You will have to dispose old car and place on service new one.

For additional information follow the link.

Sales and Other Dispositions of Assets https://www.irs.gov/pub/irs-pdf/p544.pdf

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I bought a new vehicle for my business. My husband took my old one for his. We converted his old to 100% personal. I am confused on the like- kind exchange section.

No, it is not a like-kind exchange. You will have to dispose old car and place on service new one.

For additional information follow the link.

Sales and Other Dispositions of Assets https://www.irs.gov/pub/irs-pdf/p544.pdf

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