[ILCPA2014]

New vehicle: $ 40,000

Trade-in value (old): 2,500

Cash paid: $39,000 (37,500+1500 fees)

Old vehicle Basis: 4,000 (32,000-28,000)

How much is my new tax basis?

AUD - 80
BEC - 77
FAR - 77
REG - 81

IL CPA License:
08/22/17 - Received Final Passing Score
08/25/17 - Received email from ILBOE (Certificate # and Issue Date)
09/07/17 - Received email from IDFPR (CPA scores received) Applied for License online
09/14/17 - License # posted on IDFPR website

Licensed CPA 2017!!

AUD Passed 78 (4x) Thank you Lord.
REG Passed 81 (2x) Thank you St Joseph of Cupertino
FAR Passed 77 (3x) Thank you St Joseph of Cupertino. Thank you Lord.
BEC TBD
My CPA journey started in 2013 and it will be finished in April 2016. That's for sure!!
Ethics 91

[Anonymous]

in a LKE (assuming this is 100% biz use) you simply add the basis of your old vehicle to the $/consideration you gave up for the new vehicle.

so that would be 39,000+4,000(basis old) = 43,000 basis in new vehicle new. you got sales tax in the 39,000? is that part of the 1,500 fees i assume?

leasing is the way to go in 90% of the cases for biz use vehicles. from a tax standpoint of course, not practicality (for example with leasing you dont own the vehicle and some people dont like it or the mileage limit the dealer subjects the lessee to)

[Anonymous]

in a LKE (assuming this is 100% biz use) you simply add the basis of your old vehicle to the $/consideration you gave up for the new vehicle.

so that would be 39,000+4,000(basis old) = 43,000 basis in new vehicle new. you got sales tax in the 39,000? is that part of the 1,500 fees i assume?

leasing is the way to go in 90% of the cases for biz use vehicles. from a tax standpoint of course, not practicality (for example with leasing you dont own the vehicle and some people dont like it or the mileage limit the dealer subjects the lessee to)

[Author]

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