Vehicle buyback

[shibasrock]

Vehicle was on warranty but dealership tried to not honor the repair. Rather than repairing dealership offered to buyback vehicle. Per the legal parameters of a buyback formula they paid me the cash value of what I paid for the vehicle minus a calculation of the mileage I drove the vehicle since owning it. Therefore, they paid me slightly less this year than I paid over the last several years for the vehicle. It is a personal vehicle. I believe I don't need to claim any of this money paid to me since it was less than I paid and the vehicle is personal. Correct? 

[Mike9241]

for a personal vehicle, your tax basis is the cost. you got less than that. Losses on sales of personal assets are not deductible. So there's nothing to report.  it might be different if there was business usage for which you took a tax deduction.