How do I determine sales price for traded car?

I traded a car that I used for business partially. How do I determine the sales price?

posted

@Leonard what if I traded in my car and used the amount/sale price(14000) to purchase another car and also gave 2000 as a down payment needed to get the new vehicle. Would my expense be $14,000 + $2,000?

No. The value of the old car is still $14,000. That's the amount the dealer is giving you credit for.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Sales Price and Expense of Sale on the business Vehicle section what do you include in Sales Price on vehicle you traded and took a loss on 3 months after purchasing?

in Deductions & credits

Expert does your taxes

Do it yourself

Resources

Support

How do I determine sales price for traded car?