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?

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
[email protected]

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.