sissa51
heres a little more info. i had my business truck repossessed in november of 2007. it is a recourse debt. i still owed 40,000.00 and they sold it for 12,000.00. i used the truck 80 percent for business and 20 percent for personal use. as i think i understand it, i report the business loss on form 4797. is this right? then i need to show the difference between the cost basis for personal use and the sales price for personal use as ordinary income and report it as other income on line 21 since i am personally responsible for the debt. thanks a lot if anyone could help.