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Deductions & credits
Yes. Two vehicles sold in 2024.
We sold vehicle 1n a LandRover to Carvana. They bought it for what was left on the loan.
We brought our second vehicle, a truck, purchased 6 years ago to a dealership and worked out a deal trading in the truck we owned, that we paid $29.5k for and added $5k of equipment to.
The dealership took the truck and basically gave us $20k for it.
Ignoring the equipment added, we paid $29.5k, and received $5k applied to a new VW Atlas lease (replacing the Land Rover purchased by Carvana), and received $15k via check. We then purchased a Prius with that.
Do we owe money?
I'm sorry for the confusion and appreciate this more than you know.
‎February 14, 2025
2:03 PM