Hi all-
I landed in Canada in September 2014. On my accounting for my auto I listed a value of about 3,000. The border folks changed the amount to around 4,000 on the auto import document.
I traded the auto in for another car in Feb 2015. The dealer listed the trade in value as 5,000.
Do I have a gain on the exchange? I hope not. Thanks for your help!
Gain on trade in of auto?
Moderator: Mark T Serbinski CA CPA