Taxpayer traded old equipment for new equipment
Basis of old was more than trade in he got (loss)
I get that the loss adds to basis of new equipment
But - is the IRS looking for both Forms 4797 and 8824 or does the 8824 negate need for 4797?
TIA
Basis of old was more than trade in he got (loss)
I get that the loss adds to basis of new equipment
But - is the IRS looking for both Forms 4797 and 8824 or does the 8824 negate need for 4797?
TIA