I actually sold the vehicle to a private party, which got the loan from a bank. We both went in the bank and the bank did the financing for the buyer. I bought the car before tax and fees for $$42,400 and after tax & fees = $46,508.
When I file my tax return, am I able to claim the loss? If so, which amount will be considered as the "loss" (42,400 or 46,508)? And, if I claim this loss, does this mean I'd have to "Itemize" and not do the "Standard Deduction"?