TAXMAN Posted April 20, 2017 Report Posted April 20, 2017 Correct me if I am wrong. TP had a business auto in which mileage was always used. In 2015 TP stopped business use. It became a 100% personal use. In 2016 tp traded this vehicle for another one that is personal use. Even after calculation for mileage dep the trade value creates a loss. I contend the loss is NOT deductible but increases the basis of new one should tp move it to business. Am I ok with this thought? Quote
DANRVAN Posted April 21, 2017 Report Posted April 21, 2017 No gain or loss on trade. Disregard the trade in value. Remaining basis of old is added to basis of new. Quote
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