How do I record a Like-Kind Exchange of an automobile for a Schedule C business on the automobile worksheet?

[abctax55 · Accepted solution]

2018 ?

You don't.  TCJA - 2017 did away with § 1031s for everything except real property.

[TaxGuyBill]

And if your State still allows it, that would be done on the State return.

[abctax55]

I'd be sorely tempted to just opt out at the state level.

[TaxGuyBill]

Minnesota still allows 1031 exchanges ... and for some reason none of my clients have "traded in" their vehicles this year.   :wink:

[abctax55]

I like your style...

[KMACK]

Thank you so much!  I was driving myself crazy trying to figure out why Line 53 on the auto worksheet no longer linked to Form 8824.