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So we purchased a new snowblower earlier this year and traded in our old one. Do I deduct the purchase price or the price I wrote the check for?
TomCopeland
06-17-2014, 06:46 PM
So we purchased a new snowblower earlier this year and traded in our old one. Do I deduct the purchase price or the price I wrote the check for?
You deduct the price you paid for it, after the trade in. If you were depreciating the old snowblower and it's been fewer than 7 years since you bought the old one, you could deduct any unclaimed depreciation on the old snowblower.
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