In 2017, I totaled my 2008 Ford Fusion. I then financed a 2016 Ford Fusion. How o I answer the like kind question? What should I consider?

[MichaelDC · Accepted solution]

If you're an employee, this wouldn't be a like-kind exchange. To qualify for a like-kind exchange, it must be used exclusively for business. Because of non-deductible commuting, there's never an instance when an employee drives a vehicle 100% for business.

Also, if the car was totaled, you couldn't trade it in or sell it. Try this:

Follow the steps below to let TurboTax know you did not sell your vehicle:

1. Search "Form 2106" in the upper right corner

2. Choose "Jump to Form 2106"

3. Select "Edit" next to your occupation

4. Continue until you arrive to the "Vehicle Summary" page

5. Select "Edit" next to your vehicle

6. Continue until your arrive to the screen that says, "Are You Still Using Your Car for Business?" in blue

7. Answer "No, I stopped using my car for business" - because you are not using it for business use anymore

8. Continue to answer the questions and when you are asked about any questions regarding the sale of your vehicle, leave it blank and continue

If you have any other details regarding this question, please feel free to post them in the comment section. 

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