Section 179 depreciation was elected for an asset purchased in 2020 and traded-in in 2024. Purcahse price $57700, trade in value $47,000. I believe I need to record the recapture of the depreciation and record the sale on form 4797, but don't see how/where to do this on the form.
The laws changed in 2018. What you have to do now is say that you sold the tractor and purchased a new one. Being that you took 179 on old asset the basis would be zero, and you sold it for $47000. The new one you just purchased it for $57700 that is basis for new one plus any cost
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