Finance Questions? Ask a Financial Expert for Answers ASAP
Hello and how are you today?
I hope you are doing well.
I found the answer to your question in publication 34, which is the sales tax and use guide for car dealerships
It is accessible, HERE
if you repossess a vehicle, a deduction can be claimed on your sales and use tax return for the net
subject to tax
So, yes - you do receive a credit equal to your tax loss on repossessions
Do you have any further questions about this?
This is covered on page 30 of the publication that I linked to.
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