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Deductions & credits
it you have a gain it's a sale of personal property taxable as a capital gain. the gain is measured by the difference between your purchase price and what you sold it for. financing has nothing to do with computing the gain. buying a new vehicle with the proceeds does not affect the computation of the gain.
$18,400 sales price less $14,000 is $4,400
‎January 16, 2023
12:02 PM