motorhome

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  • TAX4US
    Senior Member
    • Mar 2010
    • 551
    #1

    motorhome

    Have TP who used a motorhome in pulling his race car to races. He quit the busines this year sold everything. Traded MH for a new one that he uses for personal use now.
    Question 1: Would you use the trade value as a sales value for the 4797?
    Question 2: Can I use the sales tax incurred(quite high) on sch A. TP financed all money above the trade in value.

    What do you think?
    Tags: None
    • TAX4US
      Senior Member
      • Mar 2010
      • 551
      #2
      Motorhome Update

      TP quit in 2010. Used MH for personal use. Traded in 2011 for a newer model. Do I still need to report as stated above?

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