I bought a vehicle in 2005 for my business, and took depreciation on it in 2005 on my taxes. In 2006, I traded in this vehicle for another. What forms does this need to be recorded on? I understand that I won't have to pay taxes on any gains, since it will lower the basis of the new car??? Please help, and explain how to record this on my books. (We file form 1120)
- posted
16 years ago