What's actual cash value when repairs cost more than value

For Federal purposes, you did exactly the right things:
Print and keep a copy of the KBB valuation, the Repair Estimate to establish a Valuation.
Print and keep a copy of the Scrapyard Valuation.
Print and keep a copy of the Actual transfer price.

Cartwright, 411 US 546, fair market value (FMV) is defined as “the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts."

The ideal FMV is your “Net Proceeds from a well attended auction” but most owners of low value cars don’t go that route so instead you have 3 defendable alternative valuations.

So assuming that the vehicle has been disposed your most likely FMV is either the Actual Sale Price OR the documented Scrap Value, WHICHEVER IS HIGHER.

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Awesome, thanks for that!

I flagged it… Seastar 1st post…

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What? You don’t want to make money fast and donate to his paypal acct.?

I flagged it also.

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LOL Right, I just saw another one of his/hers, it’s, whatever got flagged also…

I guess all the money I made, then I could donate it to Robin H person…

These days it could be an AI “it”…

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