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    sissa51's Avatar
    sissa51 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Mar 18, 2008, 10:24 AM
    Business truck repo
    I purchased a business truck in November of 2006 and in November of 2007 the truck was repossessed. I still owed 40,376.00 on the truck and the company sold the truck for 11,782.00. There is still a balance of 28,594.00. I have tried to research the IRS website about this and all I can gather is that I will have to declare the 28,594.00 on line 21 as other income from the disposition of the truck and my loss is a nondeductable loss. Is this correct? Thanks a lot.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 18, 2008, 10:25 AM
    That's only if the debt was forgiven, was it? If you still owe it then no. If the debt was forgiven you should have gotten a 1099.
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