I need the fair market value of a 2000 chevy cavilier Z24-LX 80000 thousand miles for the year 2007
I need this information for the IRS/ Our cavilier was repoed in 2007 and sold in 2010 by wells fargo and it was
added as income on our taxes. so we have to get a quote on what this car was worth fair market value in 2007
when it was repoed/ any information would be greatly appreciated.
I'd guess about $8000.
What is your deficiency balance? This is the difference in what you owe to what the bank sold the vehicle for. This is the amount you owe and is considered income. You will be hard pressed to change this amount even with an attorney. The FTC gives banks a lot of latitude in the numbers here.