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.

[JaimeG]

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