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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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I traded-in a 5th wheel trailer costing $39,000 with a loan

Customer Question

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: 1 year ago.
Category: Tax
Expert:  socrateaser replied 1 year ago.

Hello,

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