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Is the amount under Sale of Business Property because I traded in my '97 work car for a 2018? I got $200 for the '97. Why do I see over $3k SofBP?

Self-employed, vehicles are business and personal, trade-in was August.
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2 Replies
ColeenD3
Expert Alumni

Is the amount under Sale of Business Property because I traded in my '97 work car for a 2018? I got $200 for the '97. Why do I see over $3k SofBP?

If you took any Section 179 deduction, that may need to be recaptured if you sold it before the end of its useful life. If you took standard miles, you must also recapture that at the amounts listed in this LINK.

 

 

Is the amount under Sale of Business Property because I traded in my '97 work car for a 2018? I got $200 for the '97. Why do I see over $3k SofBP?

Thank you for your help, and for the link to more assistance!

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