turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

rdskelton
New Member

When figuring the value of vehicle added for farm business do I deduct the trade-in amount of truck taken out of service?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
cdmalt
New Member

When figuring the value of vehicle added for farm business do I deduct the trade-in amount of truck taken out of service?

No.  You add the trade in amount, (Boot/Cash), to the basis or cost of new vehicle.  Amount paid for new vehicle is cost plus Boot paid. This is the Basis or cost of new vehicle.  This is assuming vehicle is used 100% for Business.

View solution in original post

1 Reply
cdmalt
New Member

When figuring the value of vehicle added for farm business do I deduct the trade-in amount of truck taken out of service?

No.  You add the trade in amount, (Boot/Cash), to the basis or cost of new vehicle.  Amount paid for new vehicle is cost plus Boot paid. This is the Basis or cost of new vehicle.  This is assuming vehicle is used 100% for Business.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question