Deductions & credits

Thank you, I have more information.

We owned both vehicles, both for business.

We sold the first one, and it was a wash, we simply had Carvana pick it up and they paid off the loan to within a few dollars.

We sold the second vehicle to a dealership who then paid off the little left on the loan ($2k) applied part of it ($5k) to a new lease, and then we received a check for $15k which was used to purchase a second vehicle privately. Purchase price originally was $29.5k but we put $5k into it for hauling.