My stinger has 8k in equity right now, 3 months ago it was only projected to have 2k.
My gf bought a used sportage for 17k a few months ago, carvana will give her almost 19k today.
It’s crazy out there.
Not going to last much longer. Take an equity you can get and run.
I think this depends on who/what entity has been paying the lease.
If the vehicle was personal use there’s no gain of any kind unless the equity is more than paid since lease inception, (exclusive of government taxes/fees).
On the other hand, if the vehicle was leased for business use, (and the business entity wrote off all costs as a business expense), any money recaptured upon lease termination probably needs to be accounted for as income to the business entity). This would be true even if an individual leased the vehicle and was personally responsible for all payments due.
Disclaimer, I’m not a Tax Professional and if this is a serious concern you should consult such a person on this topic.
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Thanks. Not a concern at all. Just curious
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