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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.
‎February 14, 2025
1:08 PM