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I have a question about the trade-in of my truck. My salesman said that I could write off the loss of it. Is this true? They gave me nothing for the shell?

Forum|Forum|7 years ago
June 1, 2019
4 replies
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Best answer by Critter

Maybe and it depends ... you are selling off the truck for $0 so if your basis in the truck is also $0 then you have no loss to deduct and no gain to report.

T

TaxGuyBill

Employee

Was the truck used for business?

If so, you need to report the sale of the vehicle. Whether or not it results in a loss or not depends on the specific numbers of your situation.

T

trudi1Author

They gave me about 20,000 for the truck, nothing for the CAMPER SHELL..YOU MISREAD.

Critter

Employee

Your question was ambiguous ... so you sold the entire thing shell included ... did you expense the shell completely ? Were you depreciating it ? If you sold the truck with the shell then you got paid for both even if the contract didn't say so exactly. How you divide the sale price between the two items is a bookkeeping issue that you have to resolve.

CritterAnswer

Employee

Maybe and it depends ... you are selling off the truck for $0 so if your basis in the truck is also $0 then you have no loss to deduct and no gain to report.