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karen388
Level 3
January 29, 2022
Question

steps to add a new truck with old truck trade in will loan due

  • January 29, 2022
  • 1 reply
  • 8 views

my client traded a truck on the books with a loan for a newer truck need the entries in 1065 tax return

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1 reply

T
Terry53029Intuit Community Champion
Intuit Community Champion
January 29, 2022

Sold old one, and bought new one. Separate transactions. Like kind exchange not available any longer

    K
    karen388Author
    Level 3
    January 29, 2022

    but old truck was a trade in for new truck with value

    Camp1040
    Camp1040
    Level 10
    January 29, 2022

    Read the above reply again. The paperwork from the dealership will have the amount of the trade in allowance documented on the bill of sale.

    No like kind exchange except real property under TCJA.

     

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