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"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.
"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.
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cparke3
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