1031 exchange of vehicle

[grandmabee]

does anyone have a worksheet for vehicle exchange.  I am having trouble with this.  On a C corp.  not balancing

cost of old truck 21,277 less accul. deprec. 6764. = adjusted basis of 14,513

new vehicle cost 27,337

2,000 cash down pmt.

dealer gave trade in value of 13,000 for old truck which had a loan on it of 19,103

new loan was for 31,440

I thought new basis would be the adj. basis of old truck plus boot paid cash 2,000

but I guess I don't have the journal entry correct because I am not balance on the balance sheet.

any help would be appreciated.  Thanks

 

 

[bbstacker]

The total boot paid is $14,337.00, consisting of cash $2,000 and loan of $12,337.00.

[grandmabee]

thanks,  I knew I was missing a step in my journal entries.  once I added the additional loan as boot it all balance.

Edited August 2, 2015 by grandmabee