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New Member
posted Apr 15, 2020 8:11:53 AM

How do I include a vehicle trade in that was upside down in cost?

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1 Replies
Expert Alumni
Apr 16, 2020 3:20:15 PM

If the trade was not related to a vehicle used in your business, then the loss in not deductible.

 

If the vehicle was used in your business, you need to edit the vehicle in TurboTax and indicate that it was disposed of, and answer the questions in the program to determine the taxable gain or deductible loss.