DO I HAVE TO DEDUCT THE TRADE-IN VALUE FROM MY NEW CAR PURCHASE AMOUNT? EX: NEW CAR COSTS 35K, LESS TRADE-IN OF 10K. TOTAL I PAID WAS 25K. WHAT DO I REPORT THAT I PAID?
All of my furniture, TVs, personal items were stolen and destroyed because of domestic violence. Do I report these even if they weren’t purchased during the tax year?
I sold my my motorcycle in 2023 and I originally purchased it in 2016. I paid $2,300 in 2016 and sold it for $2,500 in 2023. Am I supposed to report the sale?