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Article Date:
July 2011


Word Count:
844

 

 

New: Big Bonus Depreciation Break Applies to Trade-Ins


By law, your trade-in of a business vehicle or airplane on a like-kind business vehicle or airplane is a Section 1031 exchange.

 

That’s generally good.

 

You don’t pay taxes on the 1031 exchange unless you receive cash or a reduction in debt.

 

Make It Better

 

When you complete the trade-in or other type of 1031 exchange, you have a

 

·

carryover basis from the asset you traded in, and

·

an additional basis for the boot you paid in cash or financed to acquire the replacement asset.

 

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