Since like-kind exchanges are limited to real property beginning in 2018 how do you report the disposition of a vehicle that was traded in on a new vehicle?
Announcements
Ask the Experts about
Deciphering Your Tax Forms! >> Event happening TODAY!
Do you have a TurboTax Online account?
We'll help you get started or pick up where you left off.
Since like-kind exchanges are limited to real property beginning in 2018 how do you report the disposition of a vehicle that was traded in on a new vehicle?
Both vehicles are only partially used for business.
posted
June 7, 20193:32 PM
last updated
June 07, 20193:32 PM
Connect with an expert
x
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
Since like-kind exchanges are limited to real property beginning in 2018 how do you report the disposition of a vehicle that was traded in on a new vehicle?
you're supposed to use FMV as sales price, however in practice most use the trade in value given on the invoice for the replacement vehicle.