Aloha,
I sold a business vehicle for a cash amount. I had to pay off the loan on the vehicle to transfer the title to the new owner. My question is, does the gross sales amount reported on form 4797
a) The total amount paid by the new owner before I paid off the bank lean/loan?
b) What was left that I cleared after paying off the remaining bank lean/loan amount?
The gross sales amount is the amount you received from the new owners. For tax purposes, the loan payoff is not included in the calculation of the sale, it is a separate transaction.
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