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Like-kind exchange tax assumptions: Luxury autos, van or light truck, and electric autos
When setting up a replacement asset for a like-kind exchange, the application determines if the replacement asset is a MACRS or a non-MACRS asset.
The application makes this determination on a treatment-by-treatment basis. Note that the determination differs depending on whether or not the treatment follows IRS Notice 2000-4 or Reg. 1.168(i)-6.
You can specify whether or not each treatment follows IRS Notice 2000-4 or Reg. 1.168(i)-6 in
Setup
, Treatments
, Treatment Options
.When a luxury auto, a van or light truck, or an electric auto is disposed of in a like-kind exchange, the auto depreciation limit for the 1st year of the replacement auto is applied to the sum of the current depreciation for the original auto and the replacement auto. When a single auto is exchanged for another auto, the limit is first applied to the original asset and then to the replacement asset. If the replacement asset's business use percentage falls under the original asset's business use percentage, the amount of the current depreciation on the original asset may need to be manually adjusted.
note
You can't dispose of luxury autos, van or light truck, or electric autos through a like-kind exchange after 12/31/17.
Exception:
When autos are traded in a mass disposition, no current depreciation is taken on the original autos. You need to enter the information in the Vehicle/Listed
tab for the replacement asset. Then the full limit will be applied to the replacement asset from a mass disposition.