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g_n20
New Member

I need help with form 8824 I traded in a business use of truck for a newer truck. Form 8824 line 16 FMV like- kind prop rec'd? ine 18 Adj basis of prop.

 
1 Reply
JaimeG
New Member

I need help with form 8824 I traded in a business use of truck for a newer truck. Form 8824 line 16 FMV like- kind prop rec'd? ine 18 Adj basis of prop.

The FMV (Fair Market Value) is going to be the sticker price of the new vehicle.

The Adjusted Basis of the older vehicle is the:

  • Price you paid (do not include interest charges if it was financed), Plus,
  • Any improvements that may have increased the life-span of the vehicle (replacement of major components; transmission, engine,) do not include any maintenance (brakes, oil, etc.), Minus,
  • Any depreciation you previously took on the vehicle. (If you deducted Mileage this will not apply), Equals,

Adjusted Depreciation

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