Vehicle Trade In

[mikularl]

I haven't seen anyone ask it this year and I've seen multiple opinions so I was hoping someone could step me through how to accurately report that I traded in my old vehicle for the new one. I use it 50% business. They gave me 29k but I had to pay off the loan of 12k. (not sure that matters). New vehicle cost me 54k but I put down 20k cash. I'm so confused.

[Anonymous_]

See https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-ti...

Due to tax reform, like kind exchanges now only apply to real estate, not personal property (such as a vehicle). 

As a result, the vehicle is treated as being sold, not exchanged, for the trade-in value.

[mikularl]

Super helpful thanks. I am also seeing that even though its sold I don't need to report a loss or gain. So a wash.