Selling Your Car?
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Selling Your Car?
If you have owned your car for more than 30yrs. and sell it for say 18K. What all do you do. Do I report it to someone?
Re: Selling Your Car?
In general, if the vehicle was personal use only with no business connection, no.
Typically the buyer will have to pay sales tax on the purchase.
If you live in some greedy state like Massachusetts, maybe.
Also, depending on how vehicle registration and tags are handled in your state,
you'll want to make sure the title and tags are transferred out of your name.
Look on-line or call your state vehicle administration for answers.
Typically the buyer will have to pay sales tax on the purchase.
If you live in some greedy state like Massachusetts, maybe.
Also, depending on how vehicle registration and tags are handled in your state,
you'll want to make sure the title and tags are transferred out of your name.
Look on-line or call your state vehicle administration for answers.
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Re: Selling Your Car?
The buyer pays the sales tax in Massachusetts too.
However, if you sell the car for more than you have invested in it, the difference is a capital gain. Capital gains are reported on schedule D, form 1040. I doubt many private sales report that capital gain though.
However, if you sell the car for more than you have invested in it, the difference is a capital gain. Capital gains are reported on schedule D, form 1040. I doubt many private sales report that capital gain though.
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Re: Selling Your Car?
There may be more to your situation. You mentioned "30 yrs". Consult a tax practitioner
about classic car/wasting assets capital gains tax exemptions. Also
for help calculating the basis, or what you have in the car, vs. the sale price if it
is subject to Federal tax.
about classic car/wasting assets capital gains tax exemptions. Also
for help calculating the basis, or what you have in the car, vs. the sale price if it
is subject to Federal tax.
Re: Selling Your Car?
Have the buyer bring cash, and use your imagination.
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Re: Selling Your Car?
Will you be using that dingle berry hone?econo racer wrote: ↑Fri Apr 05, 2019 3:59 am If you have owned your car for more than 30yrs. and sell it for say 18K. What all do you do. Do I report it to someone?
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http://www.koehlerinjection.com
"Never let a race car know that you are in a hurry."