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Insanity. I feel truly lucky to have bought a car in Oct 2020. I dream of selling it for that sweet above-what-I-paid price point... but these stories help sob

• eganist 5y ago
  > I feel truly lucky to have bought a car in Oct 2020. I dream of selling it for that sweet above-what-I-paid price point... but these stories help sober me up Similar story. Bought a specific car that felt like it was already at the bottom of its depreciation curve October 2020, and nine months later, other dealers offered me 26% more than I paid for it. I'm thankful.
• girvo 5y ago
  Odd question: would you need to report (and pay tax on) the capital gains if you did sell the car for more than you paid for after buying it 12 months prior?
  • richiezc 5y ago
    Apparently yes, I guess its no different from selling a home: https://www.investopedia.com/terms/p/personaluseproperty.asp#:~:text=Personal%20use%20property%20is%20used,food%20items%2C%20and%20so%20on https://www.investopedia.com/terms/p/personaluseproperty.asp.... "KEY TAKEAWAYS Personal use property is used for personal enjoyment as opposed to business or investment purposes. These may include personally-owned cars, homes, appliances, apparel, food items, and so on." "Technically, the Internal Revenue Service (IRS) considers personal use property a capital asset and treats it differently than other types of property or assets.2 Taxpayers cannot deduct losses on the sale of personal use property, while a gain on the sale of such property is subject to taxation.3"