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Deductions & credits
Your cost basis is the amount your contract on the car was originally. If that was over the amount you sold it for you will not have a gain-so no tax due.
Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.
‎August 14, 2019
3:44 PM