grandmabee Posted September 6, 2018 Report Share Posted September 6, 2018 can someone check my numbers because I can't get ATX to come to the same answer. Schedule C filer Freightliner truck cost 149,680 fully depreciated adjust basis is 0 traded in on new freightliner. cost of new truck is 134,005 trade in value give was 76,815 which was the payoff on the loan of old truck so isn't the deferred gain of 76,815 subtracted from the cost of new 134,005? so basis for the new truck would be 134,005 less 76,815 =57,190 thanks for any help. Quote Link to comment Share on other sites More sharing options...
Lee B Posted September 6, 2018 Report Share Posted September 6, 2018 I assume you are working on a 2017 return with a transaction that happened before 1/1/18, because under the TCJA like kind exchanges will only be allowed for real property . Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted September 6, 2018 Report Share Posted September 6, 2018 In order to compute the basis of new truck you need to know how much compensation was given; down payment, loan... Quote Link to comment Share on other sites More sharing options...
grandmabee Posted September 6, 2018 Author Report Share Posted September 6, 2018 no down payment. total amount was financed for the 134,005. this is a 2017 transaction. Quote Link to comment Share on other sites More sharing options...
Catherine Posted September 7, 2018 Report Share Posted September 7, 2018 Based on just what you showed, and looking up nothing, I think you're right. I may (we both may) be wrong. Quote Link to comment Share on other sites More sharing options...
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