Posted 6/24/2022 17:13 (#9719484 - in reply to #9719411) Subject: RE: Reversing DEF delete
Northeast Iowa
MiradaAcres - 6/24/2022 16:10
And then pay capital gains...There are lots of reasons people trade at dealerships rather than sell outright. Capital gains is no longer in play, you now have to claim sold/traded asset value as income and place full value as basis on new asset. There is sales and use tax savings from trade, but no capital gains tax savings.
+1 ran into this last year on a deal we did and the tax man wanted to know value on each item and not just the boot price
Reversing DEF delete
