Have a Business owned luxury vehicle, used 100% for business. Traded in for personal owned luxury vehicle used 75% for business.
Since it's not a like-kind exchange (business to business) was treating the disposition of the business owned vehicle as a gain or loss and the personal owned vehicle business mileage as 2% business expense.
Is this the correct way to account for or should this be treated differently?
Since it's not a like-kind exchange (business to business) was treating the disposition of the business owned vehicle as a gain or loss and the personal owned vehicle business mileage as 2% business expense.
Is this the correct way to account for or should this be treated differently?