cherryiss
New Member

Retirement tax questions

Does it matter if I kept the car or not?

 

I got a buyback settlement for $73,000 and the original cost of the lemon was $55,000.  It's a buyback so I had to return the vehicle.  So the result is that I had to use that money to replace my original vehicle, which actually cost more due to market conditions and inflation (exact same vehicle).

 

Is the cost of replacement taken into consideration? If so, how is that entered into TurboTax?

 

Thanks.