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.