Thanks for the response! Today we officially settled for $20,000 and after the attorney fees & other expenses I will net around $13,000. I purchased the truck for $55,00, so now my cost basis is $42,0000 I'm assuming.
So let's say I trade in the vehicle in a year and get $50,000, would I still have a capital gain to report even though I did not receive any income? Or is that only if I personally sell the vehicle?
