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We are asked to enter an amount on FMV Like-kind prop but we did not sell our truck we still have it what do I enter

Forum|Forum|7 years ago
June 5, 2019
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TurboTax Self Employed Online

Best answer by PatriciaV

Yes, to remove the "Like-Kind" exchange from your vehicle transaction, go back to that vehicle from the Vehicle Summary page.

Continue through the interview and answer "no" to the question "Did you trade-in your XXX for another vehicle?" (see screenshot below - click to enlarge). Note that all vehicle trade-ins are like-kind exchanges for tax purposes.

When you stop using a vehicle for business without a trade-in, you may either report it as sold, disposed of, or converted to personal use. Then add a new vehicle (if any).

PatriciaVAnswer

Employee

Yes, to remove the "Like-Kind" exchange from your vehicle transaction, go back to that vehicle from the Vehicle Summary page.

Continue through the interview and answer "no" to the question "Did you trade-in your XXX for another vehicle?" (see screenshot below - click to enlarge). Note that all vehicle trade-ins are like-kind exchanges for tax purposes.

When you stop using a vehicle for business without a trade-in, you may either report it as sold, disposed of, or converted to personal use. Then add a new vehicle (if any).

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