2 ms·
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?
by 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 agoApparently 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"