tax on lemon law settlement with no 1099 in 2024

Forum|Forum|11 months ago
April 15, 2025
1 reply
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I received a Settlement and car buyback from GM in 2024. I did not receive a 1099. My Disbursement sheet said some manufacturers may issue an 1099 and that the lawyer office will receive their own 1099 and will report and pay from that. But I never received a 1099 and don't know how or what to report. Please advise.

ThomasM125

If you had a gain on the disposition of the vehicle, you would report that as an investment sale. Otherwise, you would not need to report it as you can't deduct a loss on the disposition of personal property.

You enter investment sales in the Wages and Income section of TurboTax, then Investment Income, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Other as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis.

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