When vehicle sold to car company, the company paid the existing loan and then returned the balance. I am unclear as to which is to be used for the CRA filing for "proceeds of distribution".
Proceeds of disposition is the actual amount that was given for the vehicle regardless of how the money was applied - the bill of sale amount. In your case, it would be the amount to pay off the loan and the balance you received.
jacobcraigpetrof
New Member
d8125l
New Member
gordons6
Returning Member
samardeeps129-gm
New Member
ShaunaRC
Level 2
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.