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Negative Equity Tax Deduction? Or something?
lpx
Posts: 1 Newbie
in Cutting tax
I recently sold two cars to Carmax and they paid off the loans for them but I had to pay a difference of like 6,000 to do so (upside loans). Can I get this 6,000 off of my taxes?
0
Comments
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Unless they were used in a business the answer is no.
Cars are also excluded from Capital Gains Tax, as generally they lose value.if i had known then what i know now0
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