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Repo

Asked Mar 14, 2003, 05:17 PM — 1 Answer
I had my car repossed by the bank for non -=payment ....the bank ( credit union) has sent me something which indicates how mucha the car was for tax purposes/../..how does repo affect your income taxes?

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youareceo Posts: 17, Reputation: 1
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Jun 20, 2004, 12:14 PM
Re: repo
That is mainly for their protection, but does have some liability.

First, they are trying to show you how much they are going to report as a tax write-off to Uncle Sam. And they want you to take THEIR deduction as INCOME!

Can you say, INSOLVENCY? For more details, I need to know specifically what the notice says.

Jon
credit@youareceo.biz

The preceding is not legal advice, is not from a licensed debt counselor, and is not provided to persons from states which providing such information requires a license.
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