I know this is a long shot but does anyone have a NADA guide from 2004 or a way to look up a value of a car from 2004. My wife had a car repoed during her divorce from x-husband, and now the IRS put the value on my 2008 taxes and say I owe them $1400.00. Any help or info would be nice.
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I'm more than a little ignorant on how repo's work. But i'll take the opportunity to learn something. The way that i understand it is like this. The car gets repossessed, car gets sold, that dollar amount is applied to what you owe on the car, you owe the remaining balance. I guess i'm not seeing where the actual value of the car comes into play. Only what it is 'worth' and what was owed.
If you don't want to disclose more information on the situation i understand.
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Originally posted by TexMax View PostI'm more than a little ignorant on how repo's work. But i'll take the opportunity to learn something. The way that i understand it is like this. The car gets repossessed, car gets sold, that dollar amount is applied to what you owe on the car, you owe the remaining balance. I guess i'm not seeing where the actual value of the car comes into play. Only what it is 'worth' and what was owed.
If you don't want to disclose more information on the situation i understand.
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