I traded in a business vehicle for a personal car as I am now just an employee. The business vehicle used for trade-in was fully depreciated. What is the tax treatment?
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I traded in a business vehicle for a personal car as I am now just an employee. The business vehicle used for trade-in was fully depreciated. What is the tax treatment?
posted
June 6, 20191:03 AM
last updated
June 06, 20191:03 AM
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I traded in a business vehicle for a personal car as I am now just an employee. The business vehicle used for trade-in was fully depreciated. What is the tax treatment?
This would be treated as the sale of an asset. The trade-in value is your sales price and the basis was zero.