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February 20, 2021
Question

I traded in my vehicle at the end of the year for a brand new one. The trade in vehicle was used primarily for my business. What do I put the for expense of sale portion?

  • February 20, 2021
  • 1 reply
  • 0 views
The trade in amount was $6,000, but went towards paying the loan off, so was not a profit in my poclet.

1 reply

February 20, 2021

You enter the sales price as $6000.  It does not matter if it was used to pay off a loan.

 

It seems unlikely you had any "expenses" for trading it in, so your sales expenses would be zero.