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What does FMV like-kind prop rec’d mean?

Customer Question
I am using TurboTax business...

I am using TurboTax business, at the end of my Federal form review I am being asked "FMV like-kind Rec'd_________". What does this mean?

Submitted: 8 years ago.Category: Tax
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Answered in 12 hours by:
3/1/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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The FMV of the like-kind property received is the price or value of the new vehicle you purchased, before any trade-in allowance.

The Adjusted Basis of property given, is your adjusted basis in the vehicle that you traded in. Your adjusted basis in that vehicle would be your original purchase price, minus any depreciation you have taken on that vehicle since you owned it.

The description is just what you said -- a description (make, model, year) of the new vehicle that you purchased.

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Customer reply replied 8 years ago

I am still lost on some of this.

Here is the scenario, we purchased a vehicle in 2005, my wife has been using it for personal and real estate business until April of 2008 when we sold it.

We did not purchase another vehicle to replace it, we are using an older vehicle that we already own for her to use for the time being. So, now we will claim miles for her real estate on this older vehicle in 2009. I guess that I am not understanding the terminology here. So please explain the "FMV like-kind Rec'd_________" as it applies to our situation. Now for the adjusted basis, since we did not trade in a vehicle please explain your answer concerning "Adj Basis prop given_________"

Tax Professional: Merlo, Accountant replied 8 years ago

It appears to me from the questions that Turbo Tax is asking you that you reported the vehicle you purchased in 2005 as being traded in rather than just an outright sale.

You need to go back through the interview process pertaining to the sale of the car and make sure you did not report that as a trade-in.

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Customer reply replied 8 years ago

I went back and already looked as I thought that was a possibility after the questions that I received at the end. I didn't see anything where It looked like that was the problem.

Tax Professional: Merlo, Accountant replied 8 years ago

Unfortunately, I do not have the Turbo Tax software, so I cannot tell you specifically what to look for here. But it should not be asking you for the FMV of the like-kind received unless you reported this as a trade in.

When you sell a car that you have used partly for business, you may end up having to re-pay a portion of the depreciation which you were previously allowed on that vehicle, depending on the sale price and your original cost. But when you trade in a vehicle, then your basis from the old vehicle first transfers over to the new trade-in, and that would be their only reason for asking this question.

If you are certain you reported this correctly on TT, you may have to contact Turbo Tax customer support for their guidance on how to properly report this as an outright sale.

Sorry I could not be of more specific help, but I have not used Turbo Tax in a number of years, as I have found the software to be less than adequate in many instances.

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Customer reply replied 8 years ago

Well I have used Turbo Tax for the last 10 years and this has been the only time that I have had an issue. Unfortunately, I am still at the same place that I was before asking for help. I thought that I had answered something wrong along the way but it doesn't look that way. I will probably have to physically take my tax data to someone locally that will be able to fix my issue.

Tax Professional: Merlo, Accountant replied 8 years ago

Sorry I couldn't be of more help, but good luck in getting this resolved.

I still think if you just call Turbo Tax customer support they may be able to walk you through this problem.

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Satisfied Customers: 9,783
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