scuracchio26
Returning Member

Retirement tax questions

Hi Marilyn

 

I have similar situation with a lemon law claim. I have settled with the manufacturer for a settlement of 17,000. The lawyers fee is minus 4000. So I'll get a check for about 13,000. 

 

I paid 62000 and change for the vehicle in 2023. 

I am keeping the car and not selling it. 

 

So does this mean that I subtract the 17,000 from 62,000? Or do I subtract it from what the fair market is now? I am still making payments on it.