like kind exchange

[grandmabee]

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.

[Lee B]

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 .

[DANRVAN]

In order to compute the basis of new truck you need to know how much compensation was given; down payment, loan...

[grandmabee]

no down payment.  total amount was financed for the 134,005.

this is a 2017 transaction.

[Catherine]

Based on just what you showed, and looking up nothing, I think you're right.  I may (we both may) be wrong.