Hello,
in 2012 I purchased equipment for $42,000 and used section 179 for the purchase. I am looking to trade this equipment in this year and would like to use a like kind exchange with the dealer for the new equipment model. (Have already reviewed these rules).
My question is, do I need to "recapture" my trade in amount?
Close examples of what the sale will be:
Trade in value on 2012 equipment will be $22,000.
2018 New equipment price = $47,000
Thank you! Steve M.
in 2012 I purchased equipment for $42,000 and used section 179 for the purchase. I am looking to trade this equipment in this year and would like to use a like kind exchange with the dealer for the new equipment model. (Have already reviewed these rules).
My question is, do I need to "recapture" my trade in amount?
Close examples of what the sale will be:
Trade in value on 2012 equipment will be $22,000.
2018 New equipment price = $47,000
Thank you! Steve M.
