Last year, I started a new job which afforded me the convenience of a company car. When receiving this car, we sold our personal vehicle to the dealership when we picked up the company car.
My tax program (TurboTax Deluxe) is telling me I need to fill out a like-kind exchange form. Have I done something wrong? How do I get around this?
The piece where I was prompted for use of vehicle as business activity was on the page where it asks:
"Did you Trade-In your CHEVROLET TRAVERSE for Another Vehicle?"
I have two options:
- Yes, I traded in my TRAVERSE and started using a new vehicle for business right after I bought it.
- No, I didn't trade in my TRAVERSE for another vehicle or didn't use it immediately therafter for business.
I assumed, 'Yes', since I started using a company car. Would I say 'No' for this step?