Hello @@DianeW777 ,
To piggyback, I have a similar circumstance.
I was leasing a vehicle and 'sold' it to Carvana. Carvana dealt with the lessor to exchange the vehicle, and I was given a check for X amount of dollars above the lease payoff. During this sale I didn't take out any new loan, and the financial obligation for the lease agreement was paid off by Carvana.
I have two questions:
A) In this scenario, is the X amount of dollars beyond the lease (lessor) payoff that Carvana paid to me considered a capital gain?
B) Is this exchange between my lease agreement and Carvana considered brief "ownership" of an asset?
