Pacun Posted April 8, 2019 Report Share Posted April 8, 2019 Client had a truck that cost $30,000. We have depreciated about $10K and he went to the dealer and exchanged it for a better, brand new truck that costs $60K. I have the old truck listed as "used" asset with a cost $30 and now it need to became a "New" truck with a cost of $60K minus $10K of depreciation taken. How do I do that in ATX? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted April 8, 2019 Report Share Posted April 8, 2019 New law eliminated like-kind transactions on anything other than real estate. For cars and other tangible property traded in, you would report this as a sale using the trade-in allowance as the sale proceeds. Record the new asset as a purchase separate from the trade-in. 2 Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 8, 2019 Author Report Share Posted April 8, 2019 I completely forgot about cancellation of 1031. This makes things simpler. Thank you again. Quote Link to comment Share on other sites More sharing options...
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