Question

I traded in a vehicle in 2024. Upon entering the info, TurboTax is asking for the total cost of the vehicle I traded, not the new. Help!

Forum|Forum|1 year ago
February 24, 2025
1 reply
0 views

I stated that I stopped using the vehicle in 2024 as that is what I did once I traded it. Why is TT asking me about the cost of this vehicle and not the new one?

T

ThomasM125

You can't apply the value of a trade-in to the cost of a new vehicle under the new tax rules. You simply report the trade in of the old vehicle as a sale and then add the new vehicle as though there was not a trade-in involved.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"