Thanks for your reply. Yes, it was my personal car, not for business. To be clear though, I purchased the car in 2016 for $1,504.21 and received $1,500.00 in 2023 (sold to dealership). It is not much of a loss ($4.21).
To confirm, your saying because it was for personal use and not business this is why it doesn't need to be reported....correct? I just figured because it is a loss that it would be.
Would you also please explain how the $1,000 I received on damage to the new vehicle is my own money being returned to me? I'm trying to make sense of it.
Thank You.
