My client, a sole proprietor, traded in a business car for a new business car. Both are 70% business. I am making the election not to treat them as two cars for depreciation purposes but rather to adjust the basis of the new car. Do I need to prepare an 8834 Form for a like kind exchange?
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Exchange of business auto
Mark, on page 10-2 of the TTB, there is a worksheet. There is nothing mentioned about
attaching form 1035. The form 8834 is the Qualified Electric Vehicle Credit.
You might check out Pub. 544, 550, 551.
In addition to that, you might try a Google search.Last edited by Bird Legs; 02-16-2006, 07:50 PM. -
form 8824
Mark,
I believe you would still need to fill out form 8824 for like-kind exchange, even if you are applying the Temporary Regulations 1.168(i)-6T or not.Comment
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