How To Enter Like-kind Exchange If I Sold My Old Car And Bought New Car?

We sold a car that was used for both business and personal reasons. On a different date we purchased a new car. None of the transactions were 'trade-in'. How do i enter this information in turbotax 2014. Note: We claimed standard mileage deductions for our old car in 2011,2012 and 2013. The new car was purchased on oct 1 and the old car was sold on oct 12, 2014.

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Answer #1: Posted by TechSupport101 on March 18th, 2015 1:23 AM

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TechSupport101

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See the account here https://ttlc.intuit.com/questions/1901201-form-8824-like-kind-exchanges for assistance with Like-Kind exchange.

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Answer #2: Posted by pellkiness on March 18th, 2015 5:48 AM

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Choose the "walk me through everything" option and answer "no" when the form asks if you bought the new car with a trade-in. TT will calculate the rest.

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2009 Federal Forms for Personal Tax Returns - TurboTax® Support
... Registered Retirement Plans Form 8903, Domestic Production Activities Deduction Form 8910, Alternative Motor Vehicle Credit Form 8914, Exemption for current and prior-year versions of TurboTax software." Savings Bonds Form 8822, Change of Address Form 8824, Like-Kind Exchanges Form 8829, Expenses for Business Use of Your Home Form 8834, Qualified Electric Vehicle Credit...
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