Auto trade in TBB 10-8 Method 1

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  • Gretel
    Senior Member
    • Jun 2005
    • 4008
    #1

    Auto trade in TBB 10-8 Method 1

    Cash given after trade-in $20,000
    Remaining basis of truck given up $2,000
    Basis of new truck $22,000

    This is a new heavy truck not subject to depreciation limitation. It appears by default 100% of basis of new truck is used for Special Depr. and not just $20,000. Is that right?
    Tags: None
    • Gretel
      Senior Member
      • Jun 2005
      • 4008
      #2
      Just trying to get someone's opinion.

        Comment

        • DONNA ASTON
          Member
          • Jan 2009
          • 60
          #3
          yes I had the same situation basis plus cash

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