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bigguy6907
Returning Member

Need help on a rental property deduction. I sold my truck and didn't replace it and I'm confused with the process. Looking for help.

 
1 Reply
tagteam
Level 15

Need help on a rental property deduction. I sold my truck and didn't replace it and I'm confused with the process. Looking for help.

With what, exactly, do you need help? Entering the transaction?

 

You need to provide more details, but if you sold a vehicle that you used for business you will have to enter it as the sale of an asset in the program. Section 1031 (like-kind) exchanges are no longer allowed for personal property.

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