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No, you received personal property (car) from the estate. Then traded it for $500 less than it is worth earlier.
You can't take a loss on a personal vehicle, so there is no tax impact to you and this does not need to be reflected anywhere in the tax return.
No, you received personal property (car) from the estate. Then traded it for $500 less than it is worth earlier.
You can't take a loss on a personal vehicle, so there is no tax impact to you and this does not need to be reflected anywhere in the tax return.
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