Anyone have any expertise or BTDT with a work vehicle they surrendered during a BK and how to do the mileage/vehicle deduction?
We surrendered DH's vehicle because it made the most sense and he is now driving what was my vehicle for work. He puts lots of miles on his car because he travels western Michigan for his computer tech job.
I know how to do the buy/sell a vehicle form because I did that previously when he started using the car we surrendered but I'm not sure how to figure what we "got" for the car this time because technically we got nothing. I know that we don't have to pay income taxes on the forgiven debt but I'm not sure how to figure this out.
We surrendered DH's vehicle because it made the most sense and he is now driving what was my vehicle for work. He puts lots of miles on his car because he travels western Michigan for his computer tech job.
I know how to do the buy/sell a vehicle form because I did that previously when he started using the car we surrendered but I'm not sure how to figure what we "got" for the car this time because technically we got nothing. I know that we don't have to pay income taxes on the forgiven debt but I'm not sure how to figure this out.
