How do I show in Turbo Tax Business software that I traded a vehicle for another? When I go to the tab for asset disposal, there is no option for like kind exchange

[Anonymous_ · Accepted solution]

"How do I show in Turbo Tax Business software that I traded a vehicle for another?"

Effective January 1, 2018, exchanges of machinery, equipment, vehicles, artwork, collectibles, patents and other intellectual property and intangible business assets generally do not qualify for non-recognition of gain or loss as like-kind exchanges. 

Essentially, you have a tax recognition event on the sale and a new asset to depreciate on the purchase.

See https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-ti...