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system
do i need a like-kind exchange when selling a personal vehicle for a company car
user
you cannot do a like-kind (sec. 1031) exchange for personal property, only for business/investment property. since you said that you traded in your personal car - no like-kind exchange is possible. also, since the new car doesn't belong to you - you didn't actually perform any exchange. you sold your old car, but you didn't buy a new one. if turbo-tax suggests you to fill the exchange form - you must have entered something wrong to make it think there was an exchange. check your entries again, specifically - check if you entered that you purchased a new car instead of the old one, since you didn't. see an example of where to start looking here.
assistant