Trade in of Car Used for 2106 Purposes

[equinecpa]

I have a client (a salesman) who claimed standard mileage on Form 2106 in 2016 & 2017. He used this vehicle 52% for employment purposes. He traded it in in 2018.
Cost was $55000
Biz miles 52%
Depn in standard mileage component: 14333
Allowed on trade: $36000
I get his basis is $40667 so he has a loss? Now is any of this deductible?

[TAXNJ]

See The Tax Book 10-7 to 10-8

Excerpt:
“Business Auto Trade-In Rules

TCJA

Prior to 2018, when a business auto was traded in for a new vehicle, like-kind exchange rules applied and any gain on the transaction could be deferred. See Trade-Ins Before 2018, next column. Beginning in 2018, personal property, including vehicles, is not covered under like-kind exchange provisions. Under the new rules, trade-in of a vehicle is reported as two transactions, the sale of the old vehicle and the purchase of a new one. See Like Kind Exchanges (Form 8824), Tab 6.............”


Also,
Try a “search” for this topic on this website. Think it has been addressed a number of times