BobKamman
Level 15
03-06-2025
12:21 PM
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But when you trade in a vehicle used for business for which you claimed Section 179, you have to report the gain. Even if the dealer didn't give you a piece of paper telling you that it was reported to IRS.
I would find out if there is a secondary market for those intervals they are selling at $290K. You might find one that sells for $200K, and you can figure out from that what the trade-ins were worth. We have a tax on income, not on pieces of paper.