Mach1E
Well-Known Member
- Joined
- Sep 5, 2021
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- Vehicles
- Mach 1, Chevy SS-sold, GTPE delivered oct 2021
This is what happens when you retireā¦ā¦. They change the laws.I agree that persons should seek tax advice outside of the forum but the tax code is unreadable. As a retired accountant with 48 years experience I would myself not report it.
At worst the gain is a like-kind exchange and gain is rolled into the basis of the replacement car.
No like kind exchanges on automobiles after 2018. But that was for ābusiness useā anyways and wouldnāt apply to the OP.
āUnder the old law you could exchange a building for another building or exchange a vehicle for another vehicle (assuming all property is business-use or investment-use property). Under the TCJA, only real estate exchanges are eligible to take advantage of the like-kind exchange rules.ā
https://www.jmco.com/articles/real-estate/like-kind-exchanges-under-tcja-2018/
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