I’m using TurboTax Premier and 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. Do I report the trade in amount received as a sale?
Also, a special depreciation allowance was taken for the first year of owning the 2018 tractor-trailer with the balance being depreciated over the next 3 years. I enter the amount of special depreciation allowance that was taken in 2018 but it also asks for prior depreciation that doesn’t include the special allowance depreciation taken. Do I enter the amount of the depreciation that was taken over the 3 remaining years as Prior Depreciation?