Question

Cash, or loan amount (or both), paid with trade-in

Forum|Forum|7 years ago
June 6, 2019
1 reply
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The amount received for the trade-in was used to pay off existing loan with $1500 left over which was used as down payment on new loan. What value should I enter in this field? The total trade-in value or the amount not needed to pay off existing loan ($1500)

TurboTax Self Employed Online

MargaretL

Employee

It is the amount that you have to pay after subtracting the value of your trade-in. For example, you bought the car for 20K, you are given 5k for the trade in and use $1.5K as down payment, the amount entered is $13,500.