Vehicle trade in sale price

[dvdgarofalo]

Purchased a car in 2018. Have used standard mileage.

Traded in on 7-19-2022 for a new 2022 and will use standard mileage.

When figureing the sale price of the trade in, is this correct?

*Trade in value given by dealer: $18,000.00

*Mulitply be businsess percent of 27.73%

*My 'Sale price business portion only = $4991.00

Thank you in advance.

[Anonymous_ · Accepted solution]

Yes, it is the trade-in value given by the dealer.

[RB9060]

I am not sure Champ gave correct answer as turbo tax tells him to multiply his 18000 trade in value and enter the business portion so the answer would be a lower number entered?? whatever his Percentage of Business use claimed is Correct? not his 18k the dealer gave him?  go to the section and see?

I have same question I traded my Vehicle in 9/22 and they gave me 25K but it says multiply 48.36% which is 12,090.00 to enter the sales price Business Portion ??

Thanks

[Anonymous_]

@RB9060 

You start with the value assigned by the dealer. Clearly, if your business use is not 100%, then the resulting figure will be lower.

[dvdgarofalo]

Yes, I did factor for the business use portion. Thank you.