In October of 2016 I financed a new Dodge van with $500 down. $25,534.00 was original principle. I had major health issues in 2017 that lead to me being out of work and losing the vehicle in July

[rjs]

What is your tax question?

[fanfare]

there's no tax deduction for having your vehicle repossessed

[BobinCT]

In fact, you may get a 1099-C cancellation of debt tax form from the lender at some point which may increase your tax in that year.

[Anita01]

There is no tax input for a repossessed vehicle if it was a personal vehicle, unfortunately.  If it was used in a business, when you go through the business portion, you would edit this asset and check that it was sold in 2017, for the amount of the loan you still owed.

[Treyvk]

I am in a similar situation, ugh, like I didn’t think I would fall and fracture bones at work and be on sdi, I’m still waiting on sdi and that set me back and got my Car repoed , thank goodness is tax season ✊🏾