@tamtrinh wrote:
Thank you for helping me.
In my case, I was able to keep my car. I received the check was $45,000, I paid the car was $28,500. Can I use the method $45,000 - $28,500 = $16,500, capital gain is $16,500 ?
Thank you so much.
I already answered you above. Yes, you can do the same calculation, but your car now has a cost basis of zero. That means that if you receive any more money when the car is disposed of (including selling as a used car in the future, or wrecking it and getting a settlement), that will also be a capital gain.
