It depends. I think the teller may have confused reporting large transactions under FinCEN with issuing a 1099. At any rate, you still may receive a 1099, but it would come from CarMax, not the bank. The due date for 1099s to be sent is January 31, so it may not have been sent to you yet. As you noted, there should be no tax on this transaction, as long as the sale price of $14,952 was more than you paid. If this was a personal vehicle, you aren't entitled to a loss, so you will need to report a cost basis of $14,952.
If you do receive a 1099, here is how to do this in TTO:
1. Go the left of your screen, navigate to 2024 Taxes > Federal > Wages & Income >Other Common Income
2. Choose the type of 1099, likely 1099-MISC
3. Enter the information as shown on the 1099
4. Describe the reason for the 1099, you can write "sale of vehicle"
5. On the next screen, choose none for less common situations
6. The next question is "Did this involve work that's like your main job?" Your question does not specify if it is or is not personal, so choose appropriately.
The income will go to line 8 of your return, so next you need to report the cost, limited to $14,952 for a personal vehicle
To enter the cost of the car:
1. Go the left of your screen, navigate to 2024 Taxes > Federal > Wages & Income > Less Common Income
2. Choose Miscellaneous Income at the bottom of the screen
3. Choose Other Taxable Income
4. Add a brief description (Cost of sale of vehicle) and amount, the negative of the selling price, (14,952)
If you don't receive a 1099 (again confirming it was personal), you don't have to enter anything. This is because any loss on personal property isn't deductible or reportable. For a business vehicle, please see Business Use of Vehicles.
