I traded in a tractor-trailer that was purchased in 2018 for another tractor-trailer that was purchased in 2024. The tractor-trailer was used 100% for business and is fully depreciated. Do I report the trade in amount received as a sale in TurboTax?
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Yes. You will report the trade in of the tractor trailer as a sale of the vehicle in TurboTax. Since it was fully depreciated it will have $0 basis.
Thanks!
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