Business owned vehicle traded in for personal owned vehicle


Joined
Apr 15, 2011
Messages
2
Reaction score
0
Have a Business owned luxury vehicle, used 100% for business. Traded in for personal owned luxury vehicle used 75% for business.

Since it's not a like-kind exchange (business to business) was treating the disposition of the business owned vehicle as a gain or loss and the personal owned vehicle business mileage as 2% business expense.

Is this the correct way to account for or should this be treated differently?
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Vehicle Trade-in 9
Trading in a vehicle 3
Personal Use of the Business Vehicle 9
USA Company vehicle purchase with personal trade in 2
Canada Costing Owned Equipment 0
entering vehicle trade-in 2
Personal Lein on a vehicle 3
own business 4

Top