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I traded-in a 5th wheel trailer costing $39,000 with a loan…

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I traded-in a 5th wheel...
I traded-in a 5th wheel trailer costing $39,000 with a loan balance of $28,000 for a new 5th wheel costing $65,000. I was give a trade-in credit of $20,000. I paid $15,000 down and had a new loan of $65,000. What is the basis of my new 5th wheel. These assets are personal in nature -- no depreciation.
Submitted: 2 years ago.Category: Tax
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Answered in 14 minutes by:
3/10/2016
Tax Professional: socrateaser, Lawyer replied 2 years ago
socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 39,910
Experience: Retired
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Hello,

Was the old loan paid off or rolled into your new loan?

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