Only the amount of the buyback that was more than your basis is considered taxable. If the vehicle was only for personal use, the basis is your purchase price. If the buyback was as much or less than what you paid, the buyback is not taxable and not reported on your return.
If you used the vehicle for business, your basis is the purchase price less depreciation.
If the buyback was more than the basis of a business asset, report is as the sale of a business asset.
If the buyback was more than the basis of a personal asset, report it as investment income.
Below is more information:
https://ttlc.intuit.com/replies/5843218
Do you have any form, such as a 1099, reporting the buyback?
Only the amount of the buyback that was more than your basis is considered taxable. If the vehicle was only for personal use, the basis is your purchase price. If the buyback was as much or less than what you paid, the buyback is not taxable and not reported on your return.
If you used the vehicle for business, your basis is the purchase price less depreciation.
If the buyback was more than the basis of a business asset, report is as the sale of a business asset.
If the buyback was more than the basis of a personal asset, report it as investment income.
Below is more information:
https://ttlc.intuit.com/replies/5843218